期刊名称:Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN:1830-3420
电子版ISSN:1830-3439
出版年度:2011
出版社:European Central Bank
摘要:Infrequent price changes at the rm level are now well documented in the literature. However, a number of issues remain partly unaddressed. This paper contributes to the literature on price stickiness by investigating the lags of price adjustments to dierent types of shocks. We nd that adjustment lags to cost and demand shocks vary with rm characteristics, namely the rm’s cost structure, the type of pricing policy, and the type of good. We also document that rms react asymmetrically to demand and cost shocks, as well as to positive and negative shocks, and that the degree and direction of the asymmetry varies across rms.
关键词:Firm heterogeneity; Panel-ordered probit; Real rigidities; Survey data.