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Sticky Prices: The Impact of Regulation

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Author
Nault, Barrie R
Dexter, Albert S.
Levi, Maurice D.
Accessioned
2016-01-04T18:37:54Z
Available
2016-01-04T18:37:54Z
Issued
2002-07
Subject
Price stickiness
Money supply
Granger causation
Impulse response
Type
journal article
Metadata
Show full item record

Abstract
This paper finds that approximately one-third of the items in the CPI are governed by price regulations that can slow and add noise to the response of prices to changes in cost or demand conditions. Consequently, regulation is a possible partial explanation of sticky prices in the overall rate of inflation, and delayed response to changes in the money supply. A survey is used to decompose the CPI into freely determined and regulated sub-components. Evidence is provided that prices in the regulated sector of the economy respond approximately two quarters after prices in the freely determined sector, thereby contributing a source of stickiness in overall inflation and in the response of inflation to monetary policy.
Refereed
Yes
Elsevier: We are able to post the post print/accepted author manuscript or the pre-print file (http://www.elsevier.com/journal-authors/author-rights-and-responsibilities#author-posting)
 
Citation
Dexter, A.S., M. D. Levi and Nault, B.R., "Sticky Prices: The Impact of Regulation," Journal of Monetary Economics, 49 (2002) 797-821.
Corporate
University of Calgary
Department
Management Information Systems
Faculty
Haskayne School of Business
Institution
University of Calgary
Publisher
Elsevier
Doi
http://dx.doi.org/10.11575/PRISM/28758
Uri
http://hdl.handle.net/1880/51028
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  • Haskayne School of Business Research & Publications

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