scholarly journals Patterns and Determinants of Price Changes: Analysing Individual Consumer Prices in Austria

2011 ◽  
Vol 12 (3) ◽  
pp. 336-350 ◽  
Author(s):  
Fabio Rumler ◽  
Alfred Stiglbauer ◽  
Josef Baumgartner
Keyword(s):  
Price Change ◽  
Consumer Price Index ◽  
Probit Model ◽  
Average Frequency ◽  
Price Changes ◽  
Price Increases ◽  
Price Adjustments ◽  
Consumer Prices ◽  
The Mean ◽  
Positive Effect

Abstract We provide empirical evidence on the degree and characteristics of price stickiness in Austria by estimating the average frequency of price changes and the duration of price spells from a large dataset of individual price records collected for the computation of the Austrian consumer price index. The mean (median) duration of price spells in Austria amounts to 14 (11) months, but there is considerable heterogeneity across sectors and products. We find that price increases occur only slightly more often than price decreases. For both directions, the average magnitude of price changes is quite large (11% and 14%, respectively). The introduction of the euro cash in January 2002 led to more frequent but, on average, smaller price adjustments than usual. Estimating the probability of a price change in a panel probit model, we find a small but positive effect of the price spell duration on the incidence of price changes. Furthermore, product-specific inflation, the size and the sign of the last price change and the period of the euro introduction significantly affect the probability of a price change.

scholarly journals Price-Setting in Ukraine: Evidence from Online Prices

2019 ◽  
pp. 4-10
Author(s):  
Anastasiia Antonova
Keyword(s):  
Hazard Function ◽  
Price Change ◽  
Price Setting ◽  
Average Price ◽  
Price Changes ◽  
Homogeneous Groups ◽  
State Dependent ◽  
Setting Mechanism ◽  
Price Duration ◽  
The Mean

This study examines price duration and price-setting mechanisms in Ukraine using web-scraped prices. I found that the mean average duration of prices is about 2 months. Average price duration is lower for those products that are more exposed to temporary price changes (sales). Moreover, imported goods have a higher average price duration compared to domestic goods. In terms of the price-setting mechanism, the data supports timedependent price setting behavior over state-dependent. The evidence of time-dependent price setting is 1) the size of price change being positively related to the age of price; 2) many price changes of a size close to zero; and 3) the hazard function being non-increasing for the whole sample and tends to be flatter within relatively homogeneous groups of products.

scholarly journals Inflation and Price Adjustments: Micro Evidence from Norwegian Consumer Prices 1975–2004

2016 ◽  
Vol 8 (3) ◽  
pp. 175-194 ◽  
Author(s):  
Fredrik Wulfsberg
Keyword(s):  
Micro Data ◽  
Price Changes ◽  
Price Adjustments ◽  
Consumer Prices ◽  
High Inflation

This is the first paper documenting the frequency and size of price adjustments using micro data from both the high-inflation period in the 1970s and 1980s, and the period of low inflation since the early 1990s. When inflation is high and volatile, prices change more frequently and in smaller magnitudes. When inflation is low and stable, prices change less frequently but in larger magnitudes. The frequency of price changes is more important for the variation in inflation when inflation is high and volatile. When inflation is low and stable, the magnitude of the price changes is more important than the frequency. (JEL E31, E32, L11)

scholarly journals Equity Market Reaction to Sharp Price Changes: Evidence from Poland

2015 ◽  
Vol 62 (2) ◽  
pp. 169-190
Author(s):  
Rasoul Rezvanian ◽  
Zbigniew Krysiak ◽  
Ewelina Klaczynska
Keyword(s):  
Market Reaction ◽  
Equity Market ◽  
Market Returns ◽  
Price Changes ◽  
Price Trend ◽  
Price Adjustments ◽  
The Mean ◽  
Two Indices ◽  
Standard Deviations ◽  
Market Behaviour

Abstract We examine investors’ reaction to sharp price changes using two equity market indices in Poland: WIG and WIG20. Using daily market returns for the two indices from April 1991 and April 1994 to November 2012, we identify the event days as the days where market indices exhibited positive or negative daily price changes of 3 percent or more as well as two and three standard deviations from the mean of the market returns. By following the market behaviour through price trend for 30 days after the event days, two conclusions can be reached: (a) The arrival of unexpected news that cause sharp price changes impacts volatility of market indices, and (b) the subsequent price adjustments after the initial sharp price changes take an upward corrective pattern only after the initial negative price changes, but not after positive price changes.

scholarly journals Effect of oil price pass-through on domestic price inflation: Evidence from nonlinear ARDL models

2019 ◽  
Vol 66 (1) ◽  
pp. 69-91 ◽  
Author(s):  
Kun Sek
Keyword(s):  
Consumer Price Index ◽  
Oil Price ◽  
Asymmetric Effect ◽  
Price Inflation ◽  
Price Changes ◽  
Producer Price ◽  
Nonlinear Ardl ◽  
Consumer Prices ◽  
Domestic Prices ◽  
Pass Through

We intended to demonstrate that oil price can have a different passthrough effect into domestic prices at consumer and production levels subject to an oil dependency factor. The results were compared between oil-importing and oil-exporting countries. The nonlinear autoregressive distributed lags (NARDL) models were used to capture the asymmetric pass-through effects of oil price increases and decreases in consumer price and producer price respectively. Our results revealed that oil price changes can have asymmetric effect on consumer price index (CPI) inflation directly and indirectly with more influential impact of indirect effect. This result holds for both groups of countries. The effect on producer price is much larger especially in oil-importing group due to the high dependence of these countries on oil. Oil price changes did lead to increases in consumer prices in oil-importing countries. This may due to effective monetary policy that enhances price stickiness in the economy.

An econometric analysis of retail turnover in Russia

2020 ◽  
Vol 19 (6) ◽  
pp. 1133-1153
Author(s):  
A.T. Kozinova
Keyword(s):  
Household Income ◽  
Inflation Targeting ◽  
Import Substitution ◽  
Consumer Price Index ◽  
Strong Relationship ◽  
Econometric Analysis ◽  
Retail Trade ◽  
Economic Instability ◽  
Consumer Prices ◽  
Macroeconomic Indicators

Subject. The article deals with econometric analysis of retail turnover in Russia and its relationship with macroeconomic indicators, like real disposable household income, consumer prices, etc. Objectives. The purpose is to create effective models to analyze the retail turnover in Russia and its relationship with other macroeconomic indicators, taking into account the existence of periods of economic instability. Methods. I apply correlation and regression methods to analyze statistics. To quantify changes in the retail turnover of Russia during the periods of economic instability, I use dummy variables. Results. The Russia’s retail trade turnover index had a reverse and moderate relationship with the consumer price index, direct and strong relationship with the indices of real disposable household income and imports, direct relationship with the manufacturing index. I offer statistically significant regression models of Russia’s retail turnover with the said macroeconomic indicators. Conclusions. The main advantage of models of retail turnover that are built using a large number of observations is a greater number of simultaneously considered factors. The quantitative assessment of retail turnover elasticity by consumer prices confirms the need for inflation targeting by the Central Bank of the Russian Federation. The higher elasticity of retail turnover in manufacturing as compared with the imports denotes the importance of import substitution policy.

The Effects of Oil Prices Changes on Output Growth and Inflation: Evidence from Turkey

2013 ◽  
Vol 5 (11) ◽  
pp. 730-739 ◽  
Author(s):  
Pelin ÖGE GÜNEY
Keyword(s):  
Time Series Data ◽  
Output Growth ◽  
Oil Price ◽  
Series Data ◽  
Negative Effects ◽  
Price Changes ◽  
Asymmetric Effects ◽  
Price Increases ◽  
Causality Tests ◽  
The Impact

This paper investigates the effects of oil price changes on output and inflation for the case of Turkey using monthly time series data for the period 1990:1–2012:3. Recent studies suggest that oil price changes may have asymmetric effects on the macroeconomic variables. To account for asymmetric effects, we decompose oil price changes into positive and negative parts following Hamilton (1996). Our results show that while oil price increases have clear negative effects on output growth, the impact of oil price decline is insignificant. Similarly, oil price increases have positive and significant effects on inflation. However, oil price declines have not a significant effect on inflation. The Granger causality tests also support these results.

scholarly journals Do Commodity Price Shocks Cause Armed Conflict? A Meta-Analysis of Natural Experiments

2021 ◽  
pp. 1-8
Author(s):  
GRAEME BLAIR ◽  
DARIN CHRISTENSEN ◽  
AARON RUDKIN
Keyword(s):  
Causal Effect ◽  
Meta Analysis ◽  
Resource Curse ◽  
Civil Conflict ◽  
Commodity Price ◽  
Future Research ◽  
Natural Experiments ◽  
Price Changes ◽  
Price Increases ◽  
Commodity Price Shocks

Scholars of the resource curse argue that reliance on primary commodities destabilizes governments: price fluctuations generate windfalls or periods of austerity that provoke or intensify civil conflict. Over 350 quantitative studies test this claim, but prominent results point in different directions, making it difficult to discern which results reliably hold across contexts. We conduct a meta-analysis of 46 natural experiments that use difference-in-difference designs to estimate the causal effect of commodity price changes on armed civil conflict. We show that commodity price changes, on average, do not change the likelihood of conflict. However, there are cross-cutting effects by commodity type. In line with theory, we find price increases for labor-intensive agricultural commodities reduce conflict, while increases in the price of oil, a capital-intensive commodity, provoke conflict. We also find that price increases for lootable artisanal minerals provoke conflict. Our meta-analysis consolidates existing evidence, but also highlights opportunities for future research.

scholarly journals Savings Habit Among Individuals in the Informal Sector: A Case Study of Gbegbeyishie Fishing Community in Ghana

2017 ◽  
Vol 9 (4) ◽  
pp. 262 ◽  
Author(s):  
Bismark Addai ◽  
Adjei Gyamfi Gyimah ◽  
Wendy Kumah Boadi Owusu
Keyword(s):  
Informal Sector ◽  
Descriptive Analysis ◽  
Probit Model ◽  
Economic Conditions ◽  
Fishing Communities ◽  
Fishing Community ◽  
Earning Capacity ◽  
Negative Effect ◽  
Positive Effect

Savings among individuals in the informal sector is imperatively expedient if they are to have any decent and comfortable living conditions at retirement as savings in the informal sector become the obvious substitute for formal pensions. However, much is not known regarding the savings habits of informal sector, particularly, the fishing communities in Ghana. Apparently, this study investigates into the determinants of savings habit of the informal sector in Ghana, using the case of the Gbegbeyishie Fishing community. The data for the study was obtained through administering questionnaires and interviewing targeted respondents. A 120 sample size was randomly drawn from Gbegbeyishie fishing community in Ghana. This study employs the probit model in estimating the determinants of savings in the informal sector. SPSS and STATA statistical packages were employed in descriptive analysis and estimation of the probit model respectively.It is glaring in this study that age, gender and income are statistically significant conditions for savings in the informal sector. It is also evincing in this study that Age has a significant negative effect on savings and aging decreases the propensity to save by 0.1577656. On the other hand, income has statistically significant positive effect on savings and that a one unit change in the income variable increases the propensity to save by 0.1292502. Also, the probability for a male, all other factors held constant, to save is higher than for a female to save and being a man increases the propensity to save by 0.2024894. The study also revealed that the main hindrance to savings in the Gbegbeyishie Fishing Community is Low income.As a result, the authors recommend that men and married people should be targeted whiles paying little attention to the aged in stimulating savings among fishing communities in Ghana. Educational programs could also be organized for the workers in the informal sector as most of the workers have no education which could hinder their income earning capacity and for that matter savings. Further research could also be engineered to consider macro-economic conditions for savings habit in Ghana.

62 Feeding Chicory-plantain Silage and Se-yeast to Lactating Ewes Subjected to Intramammary Infection: Effect on the Immune System

2021 ◽  
Vol 99 (Supplement_3) ◽  
pp. 32-33
Author(s):  
Hunter Ford ◽  
Massimo Bionaz ◽  
Serkan Ates ◽  
Joe Klopfenstein ◽  
Jorge Vanegas ◽  
...  
Keyword(s):  
Fixed Effects ◽  
Complete Blood Count ◽  
Random Effect ◽  
Mean Cell Volume ◽  
Distribution Width ◽  
Intramammary Infection ◽  
Alfalfa Meal ◽  
The Mean ◽  
To Receive ◽  
Positive Effect

Abstract The objective was to test the effect on the immune status by feeding a combination of chicory-plantain and Se-yeast in lactating ewes subjected to intramammary infection (IMI) with 2×107CFU of Strep uberis in both glands. For the purpose we enrolled 28 Polypay lactating sheep from a prior study where they were randomly allocated to receive chicory (CS) or grass (GC) silage and either 3.6 mg of Se/day as Se-yeast (DiaMune, Diamond V) (Y) or isoenergetic-isonitrogenous alfalfa meal (C) for 2 months. For the present study, ewes were kept on the original dietary regiment except the CT group received a chicory-plantain silage(50% each). Blood was collected prior to and for 10 days after IMI for a complete blood count(VetScan HM5), leukocytes migration, and rectal temperature (RT). Data were analyzed using GLIMMIX (SAS)with time, silage type, and Se and their interactions as the fixed effects and ewe as random effect with significance declared at P ≤ 0.05. RT was lower in chicory vs. grass before IMI and Se limited the RT increase after IMI. Total WBC levels tended (P = 0.06) to increase in animals fed with Se after IMI, which was driven by a larger number of lymphocytes. Hematocrit, red blood cells, and hemoglobin were strongly decreased by IMI. The mean cell volume was overall larger in ewes fed with chicory-plantain silage while mean cell hemoglobin was larger in animal fed with grass silage. The platelet distribution width was affected by silage*Se interaction due to a positive effect by Se in grass-fed but negative in chicory-plantain-fed ewes. Migration of neutrophils was larger in animals fed with chicory-plantain before IMI but similar between groups after IMI. Overall, these findings indicate that Se supplementation can increase lymphocytes with no effect on neutrophils while activity of neutrophils is positively affected by feeding chicory-plantain silage.

Reflections on the ‘Just Price’ in Times of Crisis (with Reference to Coronavirus … but not only)

2021 ◽  
Vol 17 (3) ◽  
pp. 285-314
Author(s):  
Emiliano Marchisio
Keyword(s):  
Main Issue ◽  
Private Firms ◽  
Eu Law ◽  
Free Markets ◽  
Price Increases ◽  
Price Adjustments ◽  
Systemic Level ◽  
Just Price ◽  
Relative Scarcity ◽  
Level Of Analysis

Abstract The debate about the ‘just price’ has ancient origin and returns forcefully to the scene when, in the event of crises of various kinds, there is a rapid and significant increase in prices of given goods or services. The main issue is whether price increases of such a nature could, or should, be considered illicit and ground the issue of sanctions against the firms increasing prices, thus focusing on a macro-systemic level of analysis. The central part of the article reviews different theories on what a ‘just price’ should be and focuses on the idea that a price is ‘just’ when it functions as an index of relative scarcity in free markets. It is claimed that such a function deserves protection by Italian and EU law. Therefore price adjustments in response to shocks cannot and should not be considered illegal: it is unacceptable to sanction private firms by attributing them the wrong of not having substituted themselves, at their own expense, for the exercise of a public function (that of making sure that price increases do not put at risk solidarity and other constitutional principles).

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