Title: Yesterday's bad times are today's good old times
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.