A Sticky-Price View of Hoarding
66 Pages Posted: 8 May 2020 Last revised: 22 Sep 2021
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A Sticky-Price View of Hoarding
A Sticky-Price View of Hoarding
Hoard Behavior During Commodity Bubbles
Date Written: April 2020
Abstract
precautionary motives for hoarding. Using detailed US supermarket scanner data covering the 2008 global rice crisis-a shock triggered by an Indian rice export ban-we find that household hoarding anticipated retail price adjustments. We construct forecast tests relating the cross-section of product or store-level price adjustments to the expectations implied by consumer purchases. Bias and efficiency tests reject panic/precautionary motives in favor of a sticky price view.
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A Sticky-Price View of Hoarding
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