Price-Setting Behaviour in Belgium: What Can Be Learned from an Ad Hoc Survey ?

Aucremanne, Luc; Druant, Martine

doi:10.2139/ssrn.1691470

Cited by 175 publications

(74 citation statements)

References 66 publications

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“…Aucremanne and Druant (2005) draw a similar conclusion from analyzing Belgian CPI data. On the other hand, Nakamura and Steinsson (2007) find that the frequency of price increases responds strongly to inflation using the U.S. CPI data.…”

supporting

confidence: 57%

“…Aucremanne and Druant (2005) proxy the deviation of the current price from its desired level by the accumulated rate of inflation. Dhyne et al (2006) use econometric techniques to identify the size of shocks, both common and idiosyncratic, from the observations of size and frequency of price adjustments in the micro data underlying the calculation of the CPI.…”

Section: Introductionmentioning

confidence: 99%

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When do firms adjust prices? Evidence from micro panel data

Lein

2010

Journal of Monetary Economics

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This paper analyzes the price setting behavior of firms using data from a large panel of quarterly firm surveys from 1984 to 2006. These data allow to track changes in firms' prices, their price expectations and several other firm-specific developments such as changes in costs for input products and capacity utilization rates. The analysis shows that state dependent pricing is clearly important and that variables measuring the current situation of the firm add a lot to the explanatory power of a price adjustment probability model, compared to purely time dependent features. Although the rate of inflation is a significant explanatory variable, the inclusion of macroeconomic variables adds only marginally to the explanatory power of the model with the firm specific variables. Furthermore, when taking into account sticky plan models by excluding possibly predetermined price changes, the importance of state dependent factors becomes even larger. The data also display features that suggest that sticky information plays a role for price setting.JEL classification: E31, E32, E50.

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confidence: 57%

Section: Introductionmentioning

confidence: 99%

When do firms adjust prices? Evidence from micro panel data

Lein

2010

Journal of Monetary Economics

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“…La in ves ti ga ción de las ri gi de ces de pre cios me dian te en cues tas fue rea liza da por Blin der (1991 y 1994) y Blin der et al (1998) pa ra el ca so de los Estados Uni dos. Pos te rior men te, la RPI acor dó ela bo rar es tu dios pa ra ana li zar las ri gi de ces de pre cios en va rios paí ses, en los que des ta can los si guien tes ca sos: Fran cia (Lou pias y Ri cart, 2004), Ita lia (Fa bia ni et al, 2004), Ale ma nia (Stahl, 2005), Aus tria (Kwa pil et al, 2005), Bél gi ca (Au cre man ne y Druant, 2005), Espa ña (Álva rez y Her nan do, 2005), Por tu gal (Mar tins, 2005), Luxem bur go (Lün ne mann y y Paí ses Ba jos (Hoe be richts y Stokman, 2006). Ade más, se han rea li za do en cues tas si mi la res con el mis mo pro pó si to pa ra: Ja pón (Na ka ga wa et al, 2000), Rei no Uni do (Hall et al, 2000), Ca na dá (Ami rault et al, 2005) y Sue cia (Apel et al, 2005).…”

Section: Encuesta Acerca De La Formación De Preciosunclassified

Formación de precios en la industria manufacturera de México. Resultados de una encuesta

2017

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FORMACIÓN DE PRECIOS EN LA INDUSTRIA MANUFACTURERA DE MÉXICORe sul ta dos de una en cues ta* Vi cen te Cas ta ñón, Jo sé Anto nio Mu ri lloy Ja vier Sa las** RESUMENEn es te ar tícu lo se iden ti fi ca los orí ge nes y ti pos de ri gi de ces de pre cios que se presen tan en la in dus tria ma nu fac tu re ra me xi ca na. Así, con esa fi na li dad, du ran te el se gun do se mes tre de 2005 se le van tó una en cues ta en la que par ti ci pa ron 398 empre sas de di cho sec tor. Des ta can del aná li sis co rres pon dien te los si guien tes re sul tados. Pri me ro, las em pre sas man tie nen en pro me dio sus pre cios sin cam bio du ran te un pe rio do cer ca no a seis me ses. Se gun do, la ma yor par te de ellas re vi sa sus pre cios en un lap so pre de ter mi na do; sin em bar go, an te el efec to de per tur ba cio nes sig ni fica ti vas, más de la mi tad de las com pa ñías en cues ta das sue le mo di fi car es ta es tra tegia al efec tuar re vi sio nes con tin gen tes al com por ta mien to de las va ria bles que afec tan su es ta do de re sul ta dos. Ter ce ro, la in fle xi bi li dad de los pre cios se aso cia en la ma yor par te de los ca sos a los cos tos de pro duc ción y a la exis ten cia de con tra tos EL TRIMESTRE ECONÓMICO, vol. LXXV (1), núm. 297, ene ro-mar zo de 2008, pp. 143-181 1 * Cla si fi ca ción JEL: E30, D40, L11. Pa la bras cla ve: ri gi dez de pre cios, in dus tria ma nu fac tu re ra, reac ción asi mé tri ca de pre cios, re vi sión de pre cios tiem po de pen dien te, re vi sión de pre cios es ta do depen dien te. Artícu lo re ci bi do el 4 de di ciem bre de 2006 y acep ta do el 21 de mar zo de 2007. ** Los au to res se de sem pe ñan como fun cio na rios de la Di rec ción de Pre cios, Sa la rios y Pro duc ti vidad del Ban co de Mé xi co. La res pon sa bi li dad de las opi nio nes ex pre sa das en este do cu men to es ex clusi va de los au to res y no for zo sa men te coin ci den con las del Ban co de Mé xi co. Se agra de cen los va lio sos co men ta rios de Da niel Chi quiar, Car los Ca pis trán, de los par ti ci pan tes del se mi na rio de la Di rec ción Ge ne ral de Inves ti ga ción Eco nó mi ca del Ban co de Mé xi co, así como a dos dic ta mi na do res anó ni mos de EL TRIMESTRE ECONÓMICO. El do cu men to fue en ri que ci do con la efi caz y de di ca da co la bo ra ción de Efrén Sá ma no y Dul ce Ma ría Espín do la. ex plí ci tos e im plí ci tos. Cuar to, la reac ción de los pre cios es sen si ble al ti po y di rección de las per tur ba cio nes que afec tan a ca da em pre sa. ABSTRACTThis pa per iden ti fies the ori gins and types of pri ce ri gi di ties that are pre sent in Me xican ma nu fac tu ring in dus tries. The re sults we re ob tai ned through a sur vey ca rried du ring the se cond se mes ter of 2005 with 398 par ti ci pa ting firms. The main fin dings may be sum ma ri zed as fo llows: First, on ave ra ge firms main tain their pri ces unchan ged for a pe riod clo se to six months. Se cond, the ma jo rity of firms re view their pri ce sche du les on a pre de ter mi ned pe riod of ti...

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“…Alternatively, the inconsistency may reflect the fact that these available studies draw on different data bases that are not necessarily comparable. Some studies, such as Álvarez et al (2005) for Spain, draw on detailed producer price data, while others use information on pricesetting behavior obtained from firm surveys (see Aucremanne and Druant (2005) for Belgium, Hall et al (2000) for the UK, Apel et al (2005) and Álvarez and Hernando (2007b) for the Euro Area). While the price-based studies are able to exploit detailed historical information on price changes, they lack information on firm characteristics, including perceived competition.…”

Section: Introductionmentioning

confidence: 99%

Price-setting Behavior and Competition in Developing Countries: an Analysis of Retail Outlets in Lesotho

2018

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We study the relationship between price-setting behavior and the degree of competition in a setting where markets and information flows are relatively imperfect. Using a unique dataset that combines survey data on retail outlets in Lesotho, and detailed historical information on their product prices, we find a non-monotonic relationship between the frequency of price changes and perceived competition, measured by the number of reported competitors. This non-monotonic relationship is consistent with a model of increasing costs of coordinating price changes under tacit collusion with few competitors, and a breakdown of collusion at higher levels of competition. By exploring the nature of the relationship between competition and price rigidity, our study has implications for macroeconomic and competition policy, and underscores the scope for interaction between the two.

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Price-Setting Behaviour in Belgium: What Can Be Learned from an Ad Hoc Survey ?

Cited by 175 publications

References 66 publications

When do firms adjust prices? Evidence from micro panel data

When do firms adjust prices? Evidence from micro panel data

Formación de precios en la industria manufacturera de México. Resultados de una encuesta

Price-setting Behavior and Competition in Developing Countries: an Analysis of Retail Outlets in Lesotho

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