KACKMEISTER, ALAN - In: Journal of Money, Credit and Banking 39 (2007) 8, pp. 1987-2020
This paper documents differences in the nominal rigidity of retail prices across two 28-month periods: 1889-91 and 1997-99. The most striking finding is that prices changed much less frequently in 1889-91. In the late-1800s when price changes did occur they were smaller on average and more...