Levy, Daniel; Chen, Haipeng (Allan); Ray, Sourav; … - In: Economics Letters (Forthcoming) (2025), pp. 112450-112450
small price changes should vary over the business cycle-it should diminish during recessions and strengthen during … between periods of recession (high unemployment) and expansion (low unemployment). Focusing on small price changes, we find …, consistent with our hypothesis, that there is a greater asymmetry in small price changes during periods of low unemployment …