Yesterday's bad times are today's good old times
Subtitle: retail price changes in the 1890s were smaller, less frequent, and more permanent
By: Alan Kackmeister.
Series: Finance and economics discussion series ;; 2005-18; Finance and economics discussion series (Online) ;; 2005-18.
Publisher: Federal Reserve Board
Published: 2005
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "This paper compares nominal price rigidity in retail stores during two 28-month periods: 1889- 1891 and 1997-1999.  The 1889-1891 microdata price quotes show: 1.  a lower frequency of price changes; 2.  a smaller average magnitude of price changes; 3.  fewer "small" price changes; and, 4.  fewer temporary price reductions.  These differences are consistent with the 1889-1891 period having a higher cost of changing prices resulting in less adjustment to transitory price shocks.  Changes in the retailing environment that may have led to a higher cost of changing prices in 1889-1891 are discussed"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 4/19/2005.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.