Does Money Illusion Matter? The Impact Of Euro On The Vertical Transmission...

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英文文献：Does Money Illusion Matter? The Impact Of Euro On The Vertical Transmission Of Food Price In Germany-金钱错觉重要吗?欧元对德国食品价格纵向传导的影响
英文文献作者：Glauben, Thomas,Loy, Jens-Peter,Meyer, Jochen
英文文献摘要：
In this paper the impact of the introduction of the Euro on the vertical price transmission in German food markets is analyzed. It is hypothesized that the presence of money illusion might have lead to higher real prices as a result of the Euro, and if so it must be accompanied with a higher margin between the respective wholesale and retail price. While generally studies focus on the behavior of average prices, in this study the reactions of individual retailers are investigated. For lettuce and chicken the vertical price relationships between retail and wholesale prices are estimated by an error correction approach, which is extended to test for structural breaks with a flexible time frame. The results indicate no impact of the Euro for most of the retail stores. However, about every fifth grocery store did react to the new currency by generally increasing its mark up significantly. This leads to the conclusion that money illusion might have a significant impact on the real adjustment of prices.

本文分析了欧元的引入对德国食品市场纵向价格传导的影响。假设货币错觉的存在可能导致欧元导致了较高的实际价格，如果是这样的话，那么批发价格和零售价格之间的差额必然会更高。虽然一般的研究都集中在平均价格的行为上，但在本研究中，个别零售商的反应被调查。对于生菜和鸡肉，采用误差修正方法估计零售价格和批发价格之间的垂直价格关系，并将其推广到弹性时间框架下的结构突变检验中。结果显示，欧元对大多数零售商店没有影响。然而，大约有五分之一的杂货店对新货币的反应是普遍大幅提高其价格。由此得出的结论是，货币错觉可能对价格的实际调整产生重大影响。

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