Inflation and Costly Price Adjustment: A Study of Canadian Newspaper Prices

Timothy S. Fisher · Jerzy Konieczny

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Monetary Policy and Economic Impact Merger and Competition Analysis Consumer Market Behavior and Pricing

Abstract

The paper studies the effect of inflation on price behaviour using price data from Canadian daily newspapers. We test the Sheshinski and Weiss (1977) monopoly price adjustment model on a sample of monopolistic as well as oligopolistic newspapers, in contrast to earlier studies that used data from oligopolistic or monopolistically competitive markets. The results depend crucially on the assumptions about how often the firm collects information and revises its optimal pricing policy. With infrequent policy revisions, the results for monopoly newspapers support the model. The results for oligopoly newspapers are similar.

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References

1936The General Theory of Employment, Interest and Money.2002Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve 2003Macroeconomic Expectations of Households and Professional Forecasters 1977Inflation and Costs of Price Adjustment 1987Menu Costs and the Neutrality of Money 1997The Magnitude of Menu Costs: Direct Evidence from Large U. S. Supermarket Chains 2004Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets 1972A Theory of Monopolistic Price Adjustment

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2012Sticky Wages: Evidence from Quarterly Microeconomic Data 2010Sticky Wages - Evidence from Quarterly Microeconomic Data 2009Les ajustements microéconomiques des prix : une synthèse des modèles théoriques et résultats empiriques 2008Adjustment Costs, Inventories and Output 2006Search, Costly Price Adjustment and the Frequency of Price Changes - Theory and Evidence *2007

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