Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/301982 
Year of Publication: 
2024
Series/Report no.: 
Working Papers No. 2024-10
Publisher: 
Banco de México, Ciudad de México
Abstract: 
Using daily retail prices gathered through web scraping in Mexico, we analyze if price changes can be characterized by time-dependent features, like the duration of the price spell, and/or by variables associated with the state of the economy. Through the lens of a duration model, we find evidence of both time- and state-dependency behavior. Favoring time-dependency, on the one hand, estimates indicate that price spells exhibit greater risk of ending every seven days relative to other days in between. Advocating for state-dependency, the probability of price changes seems to be affected by variations in the USD/MXN exchange rate, variations in real point of sales expenditures and the COVID-19 pandemic. Finally, leveraging data gathered via direct visits to brick-and-mortar stores, we also find time-dependency and state-dependency in the duration of price spells.
Subjects: 
Web scraped retail prices
Duration models
Nominal rigidities
COVID-19
JEL: 
E31
C41
L16
C55
Document Type: 
Working Paper
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