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We assess empirically the micro-foundations of producers' sticky pricing behaviour. The intertemporal profit function considered accounts for various functional forms of menu costs. The focus is on the analysis of multiproduct plants, and the menu costs therefore also allow for economies of...
Persistent link: https://www.econbiz.de/10011415105
The price-setting behaviour of manufacturing plants is examined using a large panel of monthly surveyed plant- and product-specific prices. The sample shows a high frequency of zero changes, relatively small price changes, and a strong seasonal price-change pattern. The intermittent feature of...
Persistent link: https://www.econbiz.de/10011872944
The price-setting behaviour of manufacturing plants is examined using a large panel of monthly surveyed plant- and product-specific prices. The sample shows a high frequency of zero changes, relatively small price changes, and a strong seasonal price-change pattern. The intermittent feature of...
Persistent link: https://www.econbiz.de/10011887405
Using data on product-level prices matched to the producing firm's unit labor cost, we reject the hypothesis of a full and immediate pass-through of marginal cost. Since we focus on idiosyncratic variation, this does not fit the predictions of the Ma'ckowiak and Wiederholt (2009) version of the...
Persistent link: https://www.econbiz.de/10010320747
Using data on product-level prices matched to the producing firm´s unit labor cost, we reject the hypothesis of a full and immediate pass-through of marginal cost. Since we focus on idiosyncratic variation, this does not fit the predictions of the Ma´ckowiak and Wiederholt (2009) version of...
Persistent link: https://www.econbiz.de/10004963487
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. We find a strong degree of monetary non-neutrality. After expansionary monetary policy, the mass of additional price adjustments is economically small and...
Persistent link: https://www.econbiz.de/10012179777
We estimate the effects of monetary policy on price-setting behavior in administrative micro data underlying the German producer price index. After expansionary monetary policy, the increase in the frequency of price change is economically small, the average absolute size across all price...
Persistent link: https://www.econbiz.de/10012287845
We examine the relative importance of time and state dependence in the price-setting decisions of firms using a monthly panel of German firms over the period 1980-2017. We propose a refined version of time dependence by introducing different hazard functions for price increases and decreases. We...
Persistent link: https://www.econbiz.de/10012876011
Does time-varying business volatility affect the price setting of firms and thus the transmission of monetary policy into the real economy? To address this question, we estimate from the firm-level micro data of the German IFO Business Climate Survey the impact of idiosyncratic volatility on the...
Persistent link: https://www.econbiz.de/10010317285
We take a monthly panel of German firms over the period 1980–2017 to examine the relative importance of time and state dependence in the decisions of firms to raise, lower or leave their price constant. In addition, we seek to estimate the relative importance of macroeconomic factors and...
Persistent link: https://www.econbiz.de/10012141043