Small Price Responses to Large Demand Shocks ∗

  title={Small Price Responses to Large Demand Shocks ∗},
  author={Etienne Gagnon},
We study the pricing response of U.S. supermarkets to large demand shocks triggered by labor conflicts, mass population relocation, and shopping sprees around major snowstorms and hurricanes. Our focus on demand shocks is novel in the empirical literature that uses large datasets of individual data to bridge micro price behavior and aggregate price dynamics. We find that large swings in demand have, at best, modest effects on the level of retail prices, consistent with flat shortto medium-term… CONTINUE READING


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