Yesterday's bad times are today's good old times: retail price changes in the 1890s were smaller, less frequent, and more permanent

Front Cover
Divisions of Research & Monetary Affairs, Federal Reserve Board, 2005 - Antiques & Collectibles - 43 pages
0 Reviews
"This paper compares nominal price rigidity in retail stores during two 28-month periods: 1889- 1891 and 1997-1999. The 1889-1891 microdata price quotes show: 1. a lower frequency of price changes; 2. a smaller average magnitude of price changes; 3. fewer "small" price changes; and, 4. fewer temporary price reductions. These differences are consistent with the 1889-1891 period having a higher cost of changing prices resulting in less adjustment to transitory price shocks. Changes in the retailing environment that may have led to a higher cost of changing prices in 1889-1891 are discussed."

From inside the book

What people are saying - Write a review

We haven't found any reviews in the usual places.

Common terms and phrases

Bibliographic information