CiNii Books - Pricing decisions in the euro area : how firms set prices and why

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.

Table of 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 Matha, 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 Lunnemann & Thomas Matha: 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. Alvarez & 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. Alvarez & Ignacio Hernando: Competition and Price Adjustment in the Euro Area 14: Roberto Santini, Luis J. Alvarez, Emmanuel Dhyne, Marco Hoeberichts, Herve Le Bihan, Patrick Lunnemann, 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: Vitor Gaspar, Andrew Levin, Fernando Martins, & Frank Smets: Policy Lessons and Directions for Ongoing Research Appendix: The National Questionnaires Index

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Pricing decisions in the euro area : how firms set prices and why

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