Price-Setting in Ukraine: Evidence from Online Prices
This study examines price duration and price-setting mechanisms in Ukraine using web-scraped prices. I found that the mean average duration of prices is about 2 months. Average price duration is lower for those products that are more exposed to temporary price changes (sales). Moreover, imported goo...
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| Format: | Article |
| Language: | English |
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National Bank of Ukraine
2019-06-01
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| Series: | Visnyk of the National Bank of Ukraine |
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| Online Access: | http://journal.bank.gov.ua/uploads/articles/248_1_Antonova.pdf |
| Summary: | This study examines price duration and price-setting mechanisms in Ukraine using web-scraped prices. I found that the mean average duration of prices is about 2 months. Average price duration is lower for those products that are more exposed to temporary price changes (sales). Moreover, imported goods have a higher average price duration compared to domestic goods. In terms of the price-setting mechanism, the data supports timedependent price setting behavior over state-dependent. The evidence of time-dependent price setting is 1) the size of price change being positively related to the age of price; 2) many price changes of a size close to zero; and 3) the hazard function being non-increasing for the whole sample and tends to be flatter within relatively homogeneous groups of products. |
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| ISSN: | 2414-987X |