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What Quantitative Micro Data Reveal about Price Setting Behavior

Roberto Sabbatini, Luis J. Álvarez, Emmanuel Dhyne, Marco Hoeberichts, Hervé Le Bihan, Patrick Lünnemann, Fernando Martins, Fabio Rumler, Harald Stahl, Philip Vermeulen, Giovanni Veronese, and Jouko Vilmunen

in Pricing Decisions in the Euro Area: How Firms Set Prices and Why

Published in print:
2007
Published Online:
September 2007
ISBN:
9780195309287
eISBN:
9780199783939
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780195309287.003.0015
Subject:
Economics and Finance, Econometrics

This chapter summarizes the vast evidence on price setting based on micro consumer and producer price data obtained for euro area countries. This analysis captures features of price behavior that ... More


Implications of Microeconomic Price Data for Macroeconomic Models

Bartosz Maćkowiak and Frank Smets

in Understanding Inflation and the Implications for Monetary Policy: A Phillips Curve Retrospective

Published in print:
2009
Published Online:
August 2013
ISBN:
9780262013635
eISBN:
9780262258784
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262013635.003.0012
Subject:
Economics and Finance, Econometrics

This chapter surveys the recent literature on models of price setting. It is organized as follows. Section 2 reviews the recent literature that studies new, more detailed micro data on prices. ... More


A complex walk down Wall Street

NEIL F. JOHNSON, PAUL JEFFERIES, and PAK MING HUI

in Financial Market Complexity

Published in print:
2003
Published Online:
January 2010
ISBN:
9780198526650
eISBN:
9780191712104
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198526650.003.0003
Subject:
Physics, Theoretical, Computational, and Statistical Physics

This chapter explores real-world market dynamics by analysing data from two quite distinct markets. In both cases, the linear (i.e., low-order) correlation of price-changes is essentially zero ... More


Some Dynamic Aspects of Trade Policy

W. Max Corden

in Trade Policy and Economic Welfare

Published in print:
1997
Published Online:
November 2003
ISBN:
9780198775348
eISBN:
9780191715471
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198775342.003.0010
Subject:
Economics and Finance, International

Various dynamic effects of trade policies operate when there is anticipation of price changes, fluctuations in export earnings, and when trade affects knowledge. It is possible that reducing trade ... More


Issues in the Measurement of Capital Services, Depreciation, Asset Price Changes, and Interest Rates

W. Erwin Diewert

in Measuring Capital in the New Economy

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226116129
eISBN:
9780226116174
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226116174.003.0013
Subject:
Economics and Finance, Econometrics

This chapter provides a unified framework for the measurement of capital that addresses many of the issues and topics covered in the volume. It discusses some of the problems involved in constructing ... More


Modeling Producer Behavior

Dale W. Jorgenson, Richard J. Goettle, Mun S. Ho, and Peter J. Wilcoxen

in Double Dividend: Environmental Taxes and Fiscal Reform in the United States

Published in print:
2014
Published Online:
September 2014
ISBN:
9780262027090
eISBN:
9780262318563
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027090.003.0004
Subject:
Economics and Finance, Development, Growth, and Environmental

Production functions in many CGE models use a nest of CES functions which imposes a strong assumption about substitution patterns. Here we describe the implementation of a more flexible translog ... More


The Measurement of Quality-Adjusted Price Changes

Mick Silver and Saeed Heravi

in Scanner Data and Price Indexes

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226239651
eISBN:
9780226239668
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226239668.003.0011
Subject:
Economics and Finance, Econometrics

This chapter explores the alternative approaches to using scanner data for adjusting prices for quality change. It also compares the results of the three methods of measuring quality-adjusted price ... More


The Effects of Oil Price Changes on the Industry-Level Production and Prices in the United States and Japan

Fukunaga Ichiro, Naohisa Hirakata, and Nao Sudo

in Commodity Prices and Markets

Published in print:
2011
Published Online:
February 2013
ISBN:
9780226386898
eISBN:
9780226386904
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226386904.003.0007
Subject:
Economics and Finance, South and East Asia

This chapter investigates the underlying causes of oil price changes and their transmission mechanisms in the United States and Japan. The oil price changes are decomposed into their component parts ... More


Policy Evaluation

Dale W. Jorgenson, Richard J. Goettle, Mun S. Ho, and Peter J. Wilcoxen

in Double Dividend: Environmental Taxes and Fiscal Reform in the United States

Published in print:
2014
Published Online:
September 2014
ISBN:
9780262027090
eISBN:
9780262318563
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027090.003.0008
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents the simulation results for five increasingly aggressive carbon tax regimes covering all greenhouse gas emissions. Major fiscal reform is viewed from a tax perspective involving ... More


Price Indexes for Microsoft's Personal Computer Software Products

Jaison R. Abel, Ernst R. Berndt, and Alan G. White

in Hard-to-Measure Goods and Services: Essays in Honor of Zvi Griliches

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226044491
eISBN:
9780226044507
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044507.003.0010
Subject:
Economics and Finance, Microeconomics

This chapter reports on research examining measures of price changes for Microsoft's personal computer (PC) software products over the time period July 1993 through June 2001. The focus is on the ... More


Communications Equipment: What Has Happened to Prices?

Mark Doms

in Measuring Capital in the New Economy

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226116129
eISBN:
9780226116174
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226116174.003.0010
Subject:
Economics and Finance, Econometrics

This chapter examines price and quality change for communications equipment using a newly developed data. The findings reveal that a high pace of quality change in communications equipment, ... More


Hedonic Regressions: A Consumer Theory Approach

Erwin Diewert

in Scanner Data and Price Indexes

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226239651
eISBN:
9780226239668
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226239668.003.0012
Subject:
Economics and Finance, Econometrics

This chapter evaluates the foundations of hedonic price adjustment. It demonstrates how simple linear models are hard to justify with economic theory, and that the traditional practice of statistical ... More


Inferring Relative Factor Price Changes from Quantitative Data

Robert E. Baldwin

in Topics in Empirical International Economics: A Festschrift in Honor of Robert E. Lipsey

Published in print:
2001
Published Online:
February 2013
ISBN:
9780226060835
eISBN:
9780226060859
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226060859.003.0003
Subject:
Economics and Finance, International

Due to the indeterminacy of the commodity composition of trade in models with two or more factors and more goods than factors, it is useful to interpret the Heckscher-Ohlin theorem in terms of the ... More


The Green Paradox as a Supply Phenomenon

Julien Daubanes and Pierre Lasserre

in Climate Policy and Nonrenewable Resources: The Green Paradox and Beyond

Published in print:
2014
Published Online:
January 2015
ISBN:
9780262027885
eISBN:
9780262319836
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262027885.003.0003
Subject:
Economics and Finance, Development, Growth, and Environmental

The green paradox arises from the reaction of non-renewable-resource suppliers in anticipation of future price changes. Yet there exists no formal treatment of non-renewable resource supply, ... More


Predictability of Asset Returns and the Efficient Market Hypothesis

M. Hashem Pesaran

in Time Series and Panel Data Econometrics

Published in print:
2015
Published Online:
March 2016
ISBN:
9780198736912
eISBN:
9780191800504
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198736912.003.0007
Subject:
Economics and Finance, Econometrics

The efficient market hypothesis (EMH) evolved in the 1960s from the random walk theory of asset prices. There now exist many different versions of the EMH, and this chapter provides a simple ... More


Macroeconomic concepts and analytical tools

Kazimierz Łaski

Jerzy Osiatyński and Jan Toporowski (eds)

in Lectures in Macroeconomics: A Capitalist Economy Without Unemployment

Published in print:
2019
Published Online:
August 2019
ISBN:
9780198842118
eISBN:
9780191878169
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/oso/9780198842118.003.0002
Subject:
Economics and Finance, Macro- and Monetary Economics, History of Economic Thought

The basic concepts of national income are explained, centered around the question of the measurement of the total output of heterogeneous goods in a capitalist economy, showing the effects of changes ... More


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