BoE paper identifies large variation in UK price behaviour
The probability of price changes is not the same in all periods, and significant heterogeneity exists between the behaviour of prices in different groups of items, according to a Bank of England paper published on Monday.
Philip Bunn and Colin Ellis, the paper's authors, examine the behaviour of individual prices used in the construction of the UK consumer price index. The paper adds to the micro-pricing literature by being the first to make use of this data.
The authors find that on average 19%
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