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Retail price setting in Uruguay

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  • Borraz, Fernando
  • Zipitría, Leandro

Abstract

We analyze the behaviour of prices in Uruguay using a unique database of 30 millions daily prices. We find that prices change about 5 times a year with no seasonal patter. Prices changes are highly synchronised and concentrated on the first day of the month. Our paper is the first to present evidence of high synchronization of prices, which in turn could be explained mainly by the data periodicity. Overall the analysis seems to be consistent with state-dependent pricing models, although we found some interesting features of prices that could not be explained by these models.
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Suggested Citation

  • Borraz, Fernando & Zipitría, Leandro, 2012. "Retail price setting in Uruguay," LSE Research Online Documents on Economics 123288, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:123288
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    File URL: http://eprints.lse.ac.uk/123288/
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    Cited by:

    1. Emilio Aguirre & Pablo Blanchard & Fernando Borraz & Joaquín Saldain, 2022. "Prices and competition: evidence from a social program," International Review of Applied Economics, Taylor & Francis Journals, vol. 36(1), pages 85-101, January.
    2. Fernando Borraz & Leandro Zipitría, 2016. "Law of One Price, Distance, and Borders," Documentos de trabajo 2016007, Banco Central del Uruguay.
    3. Frache, Serafin & Lluberas, Rodrigo & Turen, Javier, 2024. "Belief-dependent pricing decisions," Economic Modelling, Elsevier, vol. 132(C).
    4. Klaczko Iael, 2023. "Price dispersion in Uruguay," Asociación Argentina de Economía Política: Working Papers 4662, Asociación Argentina de Economía Política.
    5. Fernando Borraz & Alberto Cavallo & Roberto Rigobon & Leandro Zipitria, 2016. "Distance and Political Boundaries: Estimating Border Effects under Inequality Constraints," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 21(1), pages 3-35, January.
    6. Daniel Czarnievicz & Leandro Zipitría, 2018. "Concentración y precios en cinco mercados minoristas," Documentos de Trabajo (working papers) 0618, Department of Economics - dECON.
    7. Fernando Borraz & Gerardo Licandro & Daniela Sola, 2020. "Wage and price setting: new evidence from Uruguayan firms," Journal of Applied Economics, Taylor & Francis Journals, vol. 23(1), pages 560-582, January.
    8. Kochen Federico, 2016. "Price-Setting in Mexico and the Real Effects of Monetary Shocks," Working Papers 2016-21, Banco de México.
    9. Zipitría, Leandro & Rius, Andrés, 2016. "Formación y determinación de precios en el Uruguay," Estudios y Perspectivas – Oficina de la CEPAL en Montevideo 39864, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    10. Fernando Borraz & Joaquín Saldain, 2017. "Variance Decomposition of Prices in an Emerging Economy," Monetaria, Centro de Estudios Monetarios Latinoamericanos, CEMLA, vol. 0(2), pages 243-269, July-Dece.

    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure
    • L81 - Industrial Organization - - Industry Studies: Services - - - Retail and Wholesale Trade; e-Commerce

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