Survey evidence on price‐setting patterns of Romanian firms

Mihai Copaciu · Florian Neagu · Horia Braun‐Erdei

23 citations0/0 files storedManagerial and Decision Economics

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Monetary Policy and Economic Impact Merger and Competition Analysis Consumer Market Behavior and Pricing

Abstract

Abstract This paper presents for Romanian firms the results of the first survey on price‐setting patterns among the New Member States of the EU. Diverging from Inflation Persistence Network (IPN) findings, generally small firms perceive higher competitive pressure and adopt the market price, using a state‐dependent rule, while lower perceived competition is consistent with medium and large firms using mark‐up pricing. Prices are reviewed and changed more often than for EMU firms and are more flexible than wages. Similar to IPN evidence, contracts are the main sources of price stickiness. The survey suggests full price transmission of large unanticipated financial shocks. Copyright © 2009 John Wiley & Sons, Ltd.

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References

1983Staggered prices in a utility-maximizing framework 1996Staggered Prices in a Utility-Maximizing Framework 1999Inflation dynamics: A structural econometric analysis 1987Monopolistic Competition and the Effects of Aggregate Demand 2001Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy 2002Some Evidence on the Importance of Sticky Prices 2007Real Wage Rigidities and the New Keynesian Model 1977Inflation and Costs of Price Adjustment

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