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Consumer Inventory and the Cost of Living Index : Theory and Some Evidence from Japan
http://hdl.handle.net/2261/00079434
http://hdl.handle.net/2261/00079434e0ce2a8e-15d1-4749-91d2-ea5013d67ca2
| 名前 / ファイル | ライセンス | アクション |
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cb-wp025.pdf (2.3 MB)
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cb-wp025_appendix.pdf (401.9 kB)
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| Item type | テクニカルレポート / Technical Report(1) | |||||
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| 公開日 | 2020-08-05 | |||||
| タイトル | ||||||
| タイトル | Consumer Inventory and the Cost of Living Index : Theory and Some Evidence from Japan | |||||
| 言語 | ||||||
| 言語 | eng | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | consumer inventory | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | cost-of-living index | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | temporary sales | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | inflation | |||||
| キーワード | ||||||
| 主題Scheme | Other | |||||
| 主題 | price elasticity | |||||
| 資源タイプ | ||||||
| 資源 | http://purl.org/coar/resource_type/c_18gh | |||||
| タイプ | technical report | |||||
| 著者 |
Ueda, Kozo
× Ueda, Kozo× Watanabe, Kota× Watanabe, Tsutomu |
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| 著者所属 | ||||||
| 著者所属 | Waseda University | |||||
| 著者所属 | ||||||
| 著者所属 | Canon Institute for Global Studies and University of Tokyo | |||||
| 著者所属 | ||||||
| 著者所属 | University of Tokyo | |||||
| 抄録 | ||||||
| 内容記述タイプ | Abstract | |||||
| 内容記述 | This paper examines the implications of consumer inventory for cost-of-living indices (COLIs) and business cycles. We begin by providing stylized facts about consumer inventory using scanner data. We then construct a quasi-dynamic model to describe consumers' purchase, consumption, and inventory behavior. A key feature of our model is that inventory is held by household producers, not by consumers, which enables us to construct a COLI in a static manner even in an economy with storable goods. Based on this model, we show that stockpiling during temporary sales generates a substantial bias, or so-called chain drift, in conventional price indices, which are constructed without paying attention to consumer inventory. However, the chain drift is greatly mitigated in our COLI, which is based on consumption prices (rather than purchase prices) and quantities consumed (rather than quantities purchased). We provide empirical evidence supporting these theoretical predictions. We also show empirically that consumers' inventory behavior tends to depend on labor market conditions and the interest rate. | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | Publisher's another name: JSPS Grants-in-Aid for Scientific Research (S) Central Bank Communication Design | |||||
| 内容記述 | ||||||
| 内容記述タイプ | Other | |||||
| 内容記述 | JEL classi cation number : C43, D15, E31 |
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| 書誌情報 |
Working Papers on Central Bank Communication 巻 025, 発行日 2020-08-03 |
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| 著者版フラグ | ||||||
| 値 | publisher | |||||
| 出版者 | ||||||
| 出版者 | Research Project on Central Bank Communication | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | https://www.centralbank.e.u-tokyo.ac.jp/wp-content/uploads/2020/03/cb-wp019.pdf | |||||
| 関連名称 | https://www.centralbank.e.u-tokyo.ac.jp/wp-content/uploads/2020/03/cb-wp019.pdf | |||||
| 関係URI | ||||||
| 識別子タイプ | URI | |||||
| 関連識別子 | https://www.centralbank.e.u-tokyo.ac.jp/en/category/research-data/ | |||||
| 関連名称 | https://www.centralbank.e.u-tokyo.ac.jp/en/category/research-data/ | |||||
