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Full Description
This book collects results from ad hoc surveys on firms pricing behavior conducted in 2003 and 2004 by nine National central banks of the Euro area in the context of a joint research project (Eurosystem Inflation Persistence Network). These surveys have proved to be an efficient way to test theories on the pricing strategies of economic agents, documenting, in qualitative terms, the underlying rationale of the observed pricing patterns. The book provides an
unprecedented amount of information from more than 11,000 euro area firms, addressing issues such as the relevance of nominal and real rigidities, the information set used by firms in the price setting
process, the strategy followed to review prices, the frequency of both price reviews and price changes, the reasons underlying price stickiness, and asymmetries in price adjustment. It also compares results for the euro area to those obtained for other countries by similar studies. Finally, it draws the main implications for theoretical modeling and for monetary policy.
Contents
Ignazio Angeloni: Foreword
Contributors
Introduction
Part I: Firms' Pricing Behavior in the Euro Area: An Overview
1: Stephen G. Cecchetti, Fernando Martins, Roberto Sabbatini, & Harald Stahl: The Use of Survey Data to Investigate Price Setting: Theory and the Research Design for the Euro Area
2: Silvia Fabiani, Claire Loupias, Martine Druant, Ignacio Hernando, Claudia Kwapil, Bettina Landau, Fernando Martins, Thomas Mathä, Roberto Sabbatini, Harald Stahl, & Ad Stokman: Summary of Results for the Euro Area
Part II: Country-Specific Findings
3: Claudia Kwapil, Josef Baumgartner, & Johann Scharler: Price Reactions to Demand and Cost Shocks: Survey Evidence from Austrian Firms
4: Luc Aucremanne & Martine Druant: Why Are Prices Sticky? Evidence from an Ad Hoc Survey in Belgium
5: Claire Loupias & Roland Ricart: Asymmetries in Price Setting: Some Evidence from French Survey Data
6: Price Setting in German Manufacturing: Evidence from New Survey Data
7: Silvia Fabiani, Angela Gattulli, & Roberto Sabbatini: The Pricing Behavior of Italian Firms: New Survey Evidence on Price Stickiness
8: Patrick Lünnemann & Thomas Mathä: A Survey of Price-Setting Practices of Luxembourg Firms
9: Marco Hoeberichts & Ad Stockman: The Pricing Behavior of Dutch Firms: Survey Evidence on Price Stickiness
10: Fernando Martins: How Portuguese Firms Set Their Prices: Evidence from Survey Data
11: Luis J. Álvarez & Ignacio Hernando: The Pricing Behavior of Spanish Firms
Part III: Comparative Analysis
12: Patrick Lunnemann & Thomas Matha: A Comparison Based on International Survey Evidence
13: Luis J. Álvarez & Ignacio Hernando: Competition and Price Adjustment in the Euro Area
14: Roberto Santini, Luis J. Álvarez, Emmanuel Dhyne, Marco Hoeberichts, Herv'e Le Bihan, Patrick Lünnemann, Fernando Martins, Fabio Rumler, Harald Stahl, Philop Vermeulen, Giovanni Veronese, & Jouko Vilmunen: What Quantitative Micro Data Reveal about Price Setting Behavior
Part IV: Concluding Remarks and Implications
15: Vítor Gaspar, Andrew Levin, Fernando Martins, & Frank Smets: Policy Lessons and Directions for Ongoing Research
Appendix: The National Questionnaires
Index
