Working Less and Bargain Hunting More: Macroimplications of Sales during Japan's Lost Decades
利用日本过去二十年的扫描数据，发现临时销售频率与工作时间负相关，构建模型表明工作时间下降解释了销售频率上升，且临时销售使货币政策冲击的实际效果减弱约40%。
Abstract Standard New Keynesian models have often neglected temporary sales. In this study, we ask whether this treatment is appropriate. We use Japanese scanner data covering the last two decades and find a negative correlation between the frequency of sales and hours worked. We then construct a model that takes households' decisions regarding their allocation of time for work, leisure, and bargain hunting into account. We show that the decline in hours worked explains the rise in the frequency of sales. The real effect of monetary policy shocks weakens by around 40% due to temporary sales, but monetary policy still matters.