{"id":"https://openalex.org/W4415517009","doi":"https://doi.org/10.17016/ifdp.2025.1424","title":"Retail inventories and inflation dynamics: The price margin channel","display_name":"Retail inventories and inflation dynamics: The price margin channel","publication_year":2025,"publication_date":"2025-10-01","ids":{"openalex":"https://openalex.org/W4415517009","doi":"https://doi.org/10.17016/ifdp.2025.1424"},"language":"en","primary_location":{"id":"doi:10.17016/ifdp.2025.1424","doi":"https://doi.org/10.17016/ifdp.2025.1424","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2025.1424","pdf_url":"https://www.federalreserve.gov/econres/ifdp/files/ifdp1424.pdf","source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4366305935","host_organization_name":"Board of Governors of the Federal Reserve System","host_organization_lineage":["https://openalex.org/P4366305935"],"host_organization_lineage_names":["Board of Governors of the Federal Reserve System"],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Paper","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://www.federalreserve.gov/econres/ifdp/files/ifdp1424.pdf","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5054685521","display_name":"Neil Mehrotra","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Neil Mehrotra","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"middle","author":{"id":"https://openalex.org/A5077451955","display_name":"Hyunseung Oh","orcid":"https://orcid.org/0000-0001-9081-7046","observed_orcids":["https://orcid.org/0000-0001-9081-7046"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Hyunseung Oh","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":"https://orcid.org/0000-0001-9081-7046","affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5026504163","display_name":"Julio L. Ortiz","orcid":"https://orcid.org/0000-0002-9631-5968","observed_orcids":["https://orcid.org/0000-0002-9631-5968"]},"institutions":[{"id":"https://openalex.org/I1317239608","display_name":"Federal Reserve","ror":"https://ror.org/05fk5tr28","country_code":"US","type":"other","lineage":["https://openalex.org/I1317239608"]},{"id":"https://openalex.org/I2802905149","display_name":"Federal Reserve Board of Governors","ror":"https://ror.org/00v448643","country_code":"US","type":"government","lineage":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Julio L. Ortiz","raw_affiliation_strings":["Board of Governors of the Federal Reserve System (U.S.)"],"raw_orcid":"https://orcid.org/0000-0002-9631-5968","affiliations":[{"raw_affiliation_string":"Board of Governors of the Federal Reserve System (U.S.)","institution_ids":["https://openalex.org/I1317239608","https://openalex.org/I2802905149"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":"1424","first_page":"1","last_page":"1"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9970999956130981,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11898","display_name":"Economics of Agriculture and Food Markets","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11161","display_name":"Consumer Market Behavior and Pricing","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/retail-inventory","display_name":"retail inventory","score":0.9900000095367432},{"id":"https://openalex.org/keywords/marketing-margin","display_name":"marketing margin","score":0.8019999861717224},{"id":"https://openalex.org/keywords/inflation-dynamics","display_name":"inflation dynamics","score":0.7039999961853027},{"id":"https://openalex.org/keywords/new-keynesian-phillips-curve","display_name":"New Keynesian Phillips curve","score":0.8700000047683716},{"id":"https://openalex.org/keywords/supply-conditions","display_name":"supply conditions","score":0.6470000147819519}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.838100016117096},{"id":"https://openalex.org/C2780569737","wikidata":"https://www.wikidata.org/wiki/Q1228734","display_name":"Disinflation","level":3,"score":0.7132999897003174},{"id":"https://openalex.org/C2778774626","wikidata":"https://www.wikidata.org/wiki/Q220841","display_name":"Phillips curve","level":3,"score":0.7020000219345093},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.6588000059127808},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.6137999892234802},{"id":"https://openalex.org/C774472","wikidata":"https://www.wikidata.org/wiki/Q6760393","display_name":"Margin (machine learning)","level":2,"score":0.592199981212616},{"id":"https://openalex.org/C121854251","wikidata":"https://www.wikidata.org/wiki/Q62932","display_name":"Elasticity (physics)","level":2,"score":0.5180000066757202},{"id":"https://openalex.org/C189560676","wikidata":"https://www.wikidata.org/wiki/Q1187906","display_name":"Profit margin","level":2,"score":0.5095000267028809},{"id":"https://openalex.org/C127162648","wikidata":"https://www.wikidata.org/wiki/Q16858953","display_name":"Channel (broadcasting)","level":2,"score":0.4957999885082245},{"id":"https://openalex.org/C10688316","wikidata":"https://www.wikidata.org/wiki/Q936174","display_name":"New Keynesian economics","level":3,"score":0.4487999975681305},{"id":"https://openalex.org/C45874996","wikidata":"https://www.wikidata.org/wiki/Q37045","display_name":"Markup language","level":3,"score":0.4474000036716461},{"id":"https://openalex.org/C51355593","wikidata":"https://www.wikidata.org/wiki/Q3194154","display_name":"Price elasticity of demand","level":2,"score":0.4041000008583069},{"id":"https://openalex.org/C86337476","wikidata":"https://www.wikidata.org/wiki/Q651685","display_name":"Supply shock","level":3,"score":0.38679999113082886},{"id":"https://openalex.org/C3019439881","wikidata":"https://www.wikidata.org/wiki/Q1200230","display_name":"Price setting","level":2,"score":0.37229999899864197},{"id":"https://openalex.org/C153812606","wikidata":"https://www.wikidata.org/wiki/Q2620132","display_name":"Price elasticity of supply","level":3,"score":0.3718999922275543},{"id":"https://openalex.org/C178131030","wikidata":"https://www.wikidata.org/wiki/Q631360","display_name":"Price index","level":2,"score":0.36910000443458557},{"id":"https://openalex.org/C6422946","wikidata":"https://www.wikidata.org/wiki/Q857354","display_name":"Panel data","level":2,"score":0.3440000116825104},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.34200000762939453},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3352000117301941},{"id":"https://openalex.org/C30228293","wikidata":"https://www.wikidata.org/wiki/Q185245","display_name":"Stagflation","level":3,"score":0.32600000500679016},{"id":"https://openalex.org/C2778126366","wikidata":"https://www.wikidata.org/wiki/Q41171","display_name":"Unemployment","level":2,"score":0.3140000104904175},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.30640000104904175},{"id":"https://openalex.org/C2779971977","wikidata":"https://www.wikidata.org/wiki/Q842206","display_name":"Money supply","level":3,"score":0.2858000099658966},{"id":"https://openalex.org/C2777388388","wikidata":"https://www.wikidata.org/wiki/Q6821213","display_name":"Wage","level":2,"score":0.25459998846054077},{"id":"https://openalex.org/C103382277","wikidata":"https://www.wikidata.org/wiki/Q282640","display_name":"General equilibrium theory","level":2,"score":0.2517000138759613},{"id":"https://openalex.org/C188466206","wikidata":"https://www.wikidata.org/wiki/Q7242626","display_name":"Price of stability","level":3,"score":0.25060001015663147}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.17016/ifdp.2025.1424","doi":"https://doi.org/10.17016/ifdp.2025.1424","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2025.1424","pdf_url":"https://www.federalreserve.gov/econres/ifdp/files/ifdp1424.pdf","source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4366305935","host_organization_name":"Board of Governors of the Federal Reserve System","host_organization_lineage":["https://openalex.org/P4366305935"],"host_organization_lineage_names":["Board of Governors of the Federal Reserve System"],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Paper","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.17016/ifdp.2025.1424","doi":"https://doi.org/10.17016/ifdp.2025.1424","is_oa":true,"landing_page_url":"https://doi.org/10.17016/ifdp.2025.1424","pdf_url":"https://www.federalreserve.gov/econres/ifdp/files/ifdp1424.pdf","source":{"id":"https://openalex.org/S4210204989","display_name":"International Finance Discussion Paper","issn_l":"1073-2500","issn":["1073-2500","2767-4509"],"is_oa":true,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core"],"host_organization":"https://openalex.org/P4366305935","host_organization_name":"Board of Governors of the Federal Reserve System","host_organization_lineage":["https://openalex.org/P4366305935"],"host_organization_lineage_names":["Board of Governors of the Federal Reserve System"],"type":"journal"},"license":"public-domain","license_id":"https://openalex.org/licenses/public-domain","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Finance Discussion Paper","raw_type":"journal-article"},"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W4415517009.pdf","grobid_xml":"https://content.openalex.org/works/W4415517009.grobid-xml"},"referenced_works_count":0,"referenced_works":[],"related_works":["https://openalex.org/W3124275700","https://openalex.org/W3035580630","https://openalex.org/W2078829831","https://openalex.org/W7196941429","https://openalex.org/W2905778996","https://openalex.org/W1977026857","https://openalex.org/W3122787145","https://openalex.org/W1999072457","https://openalex.org/W1522221234","https://openalex.org/W2334053354"],"abstract_inverted_index":{"Using":[0],"industry-level":[1],"panel":[2],"data":[3],"and":[4,36,87,101],"plausibly":[5],"exogenous":[6],"variation":[7],"in":[8],"supply":[9],"conditions,":[10],"we":[11],"estimate":[12],"the":[13,24,51,75,79,83,96,102],"elasticity":[14,33],"of":[15,53,99],"retail":[16],"price":[17,47],"margins":[18],"with":[19],"respect":[20],"to":[21,45,70],"inventories":[22,43,69],"along":[23],"retailer's":[25],"optimal":[26],"pricing":[27],"curve.":[28],"We":[29,49],"find":[30],"that":[31,40,67],"this":[32,54],"is":[34],"negative":[35],"statistically":[37],"significant,":[38],"implying":[39],"lower":[41],"finished-good":[42],"lead":[44],"higher":[46],"margins.":[48],"assess":[50],"implications":[52],"channel":[55],"for":[56,90],"inflation":[57,94],"dynamics":[58],"within":[59],"a":[60],"New":[61],"Keynesian":[62],"Phillips":[63],"curve":[64],"(NKPC)":[65],"framework":[66],"links":[68],"retailers'":[71],"markup":[72],"behavior.":[73],"Incorporating":[74],"inventory-sales":[76],"ratio":[77],"into":[78],"NKPC":[80],"markedly":[81],"improves":[82],"model's":[84],"empirical":[85],"fit":[86],"helps":[88],"account":[89],"two":[91],"notable":[92],"recent":[93],"episodes:":[95],"missing":[97],"disinflation":[98],"2009\u20132011":[100],"COVID-era":[103],"surge.":[104]},"counts_by_year":[],"updated_date":"2026-11-13T13:42:25.865203","created_date":"2025-10-24T00:00:00"}
