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Prices of goods and services do not adjust immediately in response to changing demand and supply conditions. This paper characterizes the average frequency and size of price changes in the euro area and its member countries, investigates the determinants of the probability of price changes, and...
Persistent link: https://www.econbiz.de/10005756939
This paper summarises the vast evidence on micro price-setting recently obtained for euro area countries. We consider studies with micro data on consumer and producer prices, as well as survey information. The main findings are: (1) prices in the euro area are sticky and stickier than in the US;...
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We analyse micro-level consumer price data in Luxembourg with a particular view on price change reversals and wage indexation. The median duration is roughly 8 months. On an average, price decreases are as large as price increases. With the exception of services, individual prices do not show...
Persistent link: https://www.econbiz.de/10008529078
This paper studies price level rigidity and inflation persistence for EU15 member states using data on more than 1500 HICP sub-indices. Services and HICP sub-indices subject to price regulation exhibit a higher degree of price rigidity, with less frequent but larger index changes and a stronger...
Persistent link: https://www.econbiz.de/10008529084
This paper assesses the degree of wage flexibility in Luxembourg using an administrative data set on individual base wages covering the entire economy over the period 2001-2006 with monthly frequency. We find that the wage flexibility at the discretion of the firm is rather low once we limit...
Persistent link: https://www.econbiz.de/10005037601