repeated use through its impact on intervening transactions. Moreover, market conditions prevailing at the time a comparable …

estimated. Price changes can be explained by a combination of state-dependence and time-dependence but time-dependence clearly … dominates. Time-dependence is strongest if a price increase follows a price increase. This is typically the case during the … observed period. A price increase is most likely to follow a price increase after 1, 4, 5, 8, 9, – quarters. This time …

estimated. Price changes can be explained by a combination of state-dependence and time-dependence. Time-dependence clearly …, ... quarters. This time-dependent effect is so strong and cost and price increases are so weak in the observed period that …. State-dependence seems to be most relevant in periods with decreasing demand. Then firms reduce prices and the time between …