English Abstract: The existence of price rigidity and its extent have been a key issue in macroeconomic analyses …, including one on the effectiveness of monetary policy. This paper investigates price rigidity at an individual firm level based … firms share the following features in terms of price rigidity. First, they tend to review the prices of their main products …

different on how they are defined. Oil shocks are defined as both a price and an oil production shortfall criterion. This paper … specifications. Empirical analysis shows that oil price shocks have an asymmetric effect on macroeconomic variables. In the case of … oil price increase shocks, it reduces economic growth and increases the inflation rate, but oil price decrease shocks do …

English Abstract: This paper summarizes the results of the Bank of Korea's “Survey on Price-setting Patterns of Firms …, but the number of firms that check and change prices (only) when there is a factor causing price changes (flexible pricing …) has increased. Second, the frequency of price adjustments is found to differ from firm to firm, and to have increased …