Hiroshi, YOSHIKAWA; Hideaki, AOYAMA; Hiroshi, IYETOMI; … - Research Institute of Economy, Trade and Industry (RIETI) - 2015
Micro price data show that individual price settings are not time-invariant as presumed in the existing literature. Furthermore, the analysis of autocorrelations shows that interactions of micro prices with leads and lags ignored in the literature play a very important role in explaining the...