Price selection is a simple, model-free measure of selection in price setting. It exploits comovement between inflation and the level from which adjusting prices departed. Prices that increase from lower-than-usual levels tend to push inflation above average. Using micro data for the United Kingdom, the United States, and Canada, we find strong price selection at disaggregate levels. Price selection is stronger for goods with less frequent price changes or with larger average price changes. Aggregate price selection is considerably weaker. A multisector sticky-price model accounts well for this evidence and demonstrates a monotone relationship between price selection and monetary non-neutrality.

价格选择是一种简单的、无模型的价格设置衡量方法。它利用通货膨胀与调整价格偏离的水平之间的联动。从低于正常水平的价格上涨往往会推动通胀高于平均水平。使用英国、美国和加拿大的微观数据，我们发现在分解水平上有很强的价格选择。对于价格变动较不频繁或平均价格变动较大的商品，价格选择更强。总体价格选择要弱得多。多部门粘性价格模型很好地解释了这一证据，并证明了价格选择与货币非中性之间的单调关系。