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The Nominal Rigidity of Apartment Rents

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David Genesove

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Abstract

This paper contributes to the empirical literature on price stickiness by documenting a high rate of nominal rigidity among apartment rents in the U.S. between 1974-1981. 29 percent of units had no change in nominal rent from year to year. Nominal rigidity was much higher among units whose tenants continued from the previous year, than those in which the tenant turned over. This suggests that the previous year's nominal price was used as a focal point in bargaining. Most of the nominal rigidity among units that turned over can be ascribed to grid pricing, while most of the incidence among the units that did not turn over can not be thus explained, and probably reflects downward rigidity instead. Units in single-unit and small buildings were much more likely to display nominal rigidity.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 7137.

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Date of creation: May 1999
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Handle: RePEc:nbr:nberwo:7137

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Find related papers by JEL classification:
L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)

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  2. Kahn, Shulamit, 1997. "Evidence of Nominal Wage Stickiness from Microdata," American Economic Review, American Economic Association, vol. 87(5), pages 993-1008, December. [Downloadable!] (restricted)
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    Other versions:
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  5. Lach, Saul & Tsiddon, Daniel, 1996. "Staggering and Synchronization in Price-Setting: Evidence from Multiproduct Firms," American Economic Review, American Economic Association, vol. 86(5), pages 1175-96, December. [Downloadable!] (restricted)
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  6. Laurence Ball & N. Gregory Mankiw, 1995. "A Sticky-Price Manifesto," NBER Working Papers 4677, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  8. repec:fth:coluec:508 is not listed on IDEAS
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  10. George A. Akerlof & William R. Dickens & George L. Perry, 1996. "The Macroeconomics of Low Inflation," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 27(1996-1), pages 1-76. [Downloadable!]
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  13. Levy, Daniel, et al, 1997. "The Magnitude of Menu Costs: Direct Evidence from Large U.S. Supermarket Chains," The Quarterly Journal of Economics, MIT Press, vol. 112(3), pages 791-825, August.
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  14. Hubert, Franz, 1995. "Contracting with costly tenants," Regional Science and Urban Economics, Elsevier, vol. 25(5), pages 631-654, October. [Downloadable!] (restricted)
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