Replication data for: Lost in Transit: Product Replacement Bias and Pricing to Market
Principal Investigator(s): View help for Principal Investigator(s) Emi Nakamura; Jón Steinsson
Version: View help for Version V1
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text/plain | 14.6 KB | 10/11/2019 02:01:PM |
Project Citation:
Nakamura, Emi, and Steinsson, Jón. Replication data for: Lost in Transit: Product Replacement Bias and Pricing to Market. Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112567V1
Project Description
Summary:
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In the microdata underlying US trade price indexes, 40 percent of
products are replaced before a single price change is observed and
70 percent are replaced after two price changes or fewer. A price
index that focuses on price changes for identical items may, therefore,
miss an important component of price adjustment occurring
at the time of product replacements. We provide a model of this
"product replacement bias" and quantify its importance using US
data. Accounting for product replacement bias, long-run exchange
rate "pass-through" is substantially higher than conventional estimates
suggest, and the terms of trade are substantially more volatile.
(JEL F14, F31)
Scope of Project
JEL Classification:
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F14 Empirical Studies of Trade
F31 Foreign Exchange
F14 Empirical Studies of Trade
F31 Foreign Exchange
Data Type(s):
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