Search Results

Showing results 1 to 3 of approximately 3.

(refine search)
SORT BY: PREVIOUS / NEXT
Author:Watanabe, Kota 

Working Paper
Micro price dynamics during Japan's lost decades

We study micro price dynamics and their macroeconomic implications using daily scanner data from 1988 to 2013. We provide five facts. First, posted prices in Japan are ten times as flexible as those in the U.S. scanner data. Second, regular prices are almost as flexible as those in the U.S. and Euro area. Third, the heterogeneity of frequency and size of price change across products is sizable and maintained throughout the sample period. Fourth, during Japan's lost decades, temporary sales have played an increasingly important role in households' consumption expenditure. Fifth, the frequency ...
Globalization Institute Working Papers , Paper 159

Working Paper
Product Turnover and the Cost of Living Index: Quality vs. Fashion Effects

This paper evaluates the effects of product turnover on a welfare-based cost-of-living index. We first present some facts about price and quantity changes over the product cycle employing scanner data for Japan for the years 1988-2013, which cover the deflationary period that started in the mid-1990s. We then develop a new methodology to decompose price changes at the time of product turnover into those due to the quality effect and those due to the fashion effect (i.e., the higher demand for products that are new). Our main findings are as follows: (1) the price and quantity of a new product ...
Globalization Institute Working Papers , Paper 337

Working Paper
Working less and bargain hunting more: macro implications of sales during Japan's lost decades

Standard New Keynesian models have often neglected temporary sales. In this paper, we ask whether this treatment is appropriate. In the empirical part of the paper, we provide evidence using Japanese scanner data covering the last two decades that the frequency of sales was closely related with macroeconomic developments. Specifically, we find that the frequency of sales and hours worked move in opposite directions in response to technology shocks, producing a negative correlation between the two. We then construct a dynamic stochastic general equilibrium model that takes households' ...
Globalization Institute Working Papers , Paper 194

FILTER BY year

FILTER BY Bank

FILTER BY Content Type

FILTER BY Author

FILTER BY Jel Classification

E3 2 items

E31 2 items

E5 2 items

C43 1 items

E32 1 items

O31 1 items

show more (1)

PREVIOUS / NEXT