Economics, Econometrics and Finance
8 years ago

Prices Decrease Less Often Than Increase, Impacting Inflation Trends

The Quarterly Journal of Economics
Five Facts about Prices: A Reevaluation of Menu Cost Models<sup>*</sup>
Emi Nakamura, Jón Steinsson

Paper Summary

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Prices on menus mostly go up, not down. Price increases happen more often when inflation is high, but decreases don't. Prices change most in the first quarter of the year. Individual products don't have a pattern of prices going up over time. These findings support a common model of how businesses set prices, but also show some things that don't fit that model.