American Economic Review · 2022 · R. Andrew Butters、Daniel W. Sacks、Boyoung Seo
中文摘要
近期研究表明，由于全国性连锁企业在不同地区实行统一价格，价格对当地需求状况不敏感。我们利用96家跨州连锁企业旗下35,151家零售门店的数据，考察价格对当地成本冲击的反应，所考察的冲击包括68次消费税变动、76次销售税变动以及其他因地理位置而异的成本差异。我们发现，当地成本冲击会传导至当地价格；在部分门店受到冲击的连锁企业内，冲击不会对未受冲击的门店产生溢出效应；全国性与地方性连锁企业的传导率相近。企业根据当地成本变化调整当地价格，这提示零售商对当地成本冲击与需求冲击的反应具有非对称性。
Abstract
Recent research shows prices are insensitive to local demand conditions because national chains charge geographically uniform prices. We examine the price response to local cost shocks, including 68 excise tax changes, 76 sales tax changes, and other geographically based cost differences, using data on 35,151 retail stores in 96 multi-state chains. We find local cost shocks are passed through to local prices, with no spillovers to unaffected stores in otherwise affected chains, and at similar rates for national and local chains. Firms adjust local prices according to local cost changes, suggesting retailers respond asymmetrically to local cost and demand shocks. (JEL D22, D40, H22, H25, H71, L10, L81)