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The Distribution of Food Retail Prices and the Euro Changeover: Signpost Items Versus Occasional Goods

机译：食品零售价格的分布和欧元的变化：路标项目与临时商品的比较

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The Euro changeover distorted previously well-formed nominal price patterns. Food retailers may have reacted by adjusting prices to reintroduce psychological prices as before the Euro changeover. We employ a detailed data set of German food retail prices before and after the Euro changeover to test three different benchmarks indicating potential adjustments of prices. However, none of these benchmarks do adequately reflect the actual distribution of prices. We find that prices of signpost items follow best a conversion at the official rate. Also, signpost items show a slower price adjustment. Occasional goods' prices indicate a reestablishment of psychological price patterns, in particular for the ending digits; price distributions are adjusted faster. Further, price inflation is about zero for both goods, but prices in particular for signpost items have been significantly raised just before the Euro changeover. These different pricing patterns may be explained by consumer behavior. Consumers react more sensitive to price changes of frequently purchased goods (signpost items), and thus, retailers convert prices at the official rate and postpone price adjustments for these items after the Euro changeover. [JEL Classifications: D40, L66, Q13]. (C) 2015 Wiley Periodicals, Inc.
机译：欧元转换扭曲了先前格式良好的名义价格模式。食品零售商可能会做出反应，如在欧元转换之前一样，通过调整价格以重新引入心理价格。在欧元转换前后，我们采用了德国食品零售价格的详细数据集，以测试表明价格可能进行调整的三个不同基准。但是，这些基准都不能充分反映价格的实际分布。我们发现路标项目的价格最好按照官方汇率进行转换。同样，路标项目显示价格调整较慢。临时商品的价格表明心理价格模式已经重新建立，特别是对于末尾数字;价格分布调整得更快。此外，两种商品的价格通货膨胀率均约为零，但在欧元转换之前，特别是路标项目的价格已大幅上涨。这些不同的定价模式可以由消费者的行为来解释。消费者对经常购买的商品（路标物品）的价格变化更为敏感，因此，零售商在欧元转换后以官方汇率转换价格并推迟这些商品的价格调整。 [JEL分类：D40，L66，Q13]。 （C）2015年Wiley Periodicals，Inc.

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