On What States Do Prices Depend? Answers From Ecuador
研究了零售价格调整频率在不同商品间的差异，构建了一个多冲击菜单成本模型，并用厄瓜多尔金融危机和美元化时期的微观面板数据验证。
Abstract The frequency of retail price adjustment differs across goods, both in low inflationary environments, such has the United States, and in high inflationary environments typical of less developed countries. We develop a multishock menu cost model in which retailers intermediate trade between producers and consumers. Since the cost share of intermediate inputs varies across goods, the model produces a cross‐sectional distribution of frequency of price adjustment even though firms face a common menu cost. The model is evaluated using a rich micropanel of retail prices in Ecuador in a period spanning a financial crisis and subsequent dollarization.