Jerzy (Jurek) D. Konieczny
Inflation and Price Adjustment: Evidence from Canadian Newspaper Prices (ABSTRACT)
T. Fisher & J. Konieczny
published: 2006 | Research publication | Refereed Journals - Economics
Fisher, T.C.G., & Konieczny, J.D. (2006), "Inflation and Price Adjustment: Evidence from Canadian Newspaper Prices", Journal of Money, Credit and Banking, 38 (3), 615-634.
ABSTRACT: The paper studies the effect of inflation on price behavior 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 contract to earlier studies that uses data from oligopolistic or monopolistically competitive markets. The results depend crucially on the assumptions about how often the first collect 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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revised Nov 10/06
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