Using price quote data that underpin the official U.K. consumer price index (CPI), we analyze the effects of the unexpected passing of the Brexit referendum on the dynamics of price adjustments. The sizable depreciation of the British pound that immediately followed Brexit works as a quasi-experiment, enabling us to study the transmission of a large common marginal cost shock to inflation as well as the distribution of prices within granular product categories. The bulk of the aggregate inflationary effect is attributable to the size of price adjustments, an aspect matched well by the time-dependent price-setting model. The state-dependent model fares better in capturing the endogenous selection of price changes at the lower end of the price distribution. Both models miss on the magnitude of the adjustment conditional on selection.

我们使用支撑英国官方消费者价格指数（CPI）的价格报价数据，分析了英国退欧公投意外通过对价格调整动态的影响。紧随英国退欧之后的英镑大幅贬值是一项准实验，使我们能够研究大幅度的边际成本冲击对通货膨胀的传导以及颗粒产品类别中的价格分布。总的通货膨胀效应主要归因于价格调整的规模，这与时变价格设定模型非常吻合。基于状态的模型在捕获价格分布较低端的价格变化的内生选择方面表现更好。两种模型都缺少选择条件下的调整幅度。