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Title:Cross-country relative price volatility : effects of market structure PDF Logo
Authors:Cheung, Yin-Wong
Fujii, Eiji
Issue Date:2005
Series/Report no.:CESifo working papers 1456
Abstract:Using annual data on nine manufacturing sectors of eighteen OECD countries, the article studies the implications of market structure for cross-country relative price variability. It is found that, in accordance with predictions from a standard markup pricing model, reductions in market competition, along with increased nominal exchange rate volatility, are associated with greater variability of cross-country relative prices. The market structure also has similar effects on components of cross-country relative price variability. The empirical findings are robust to the inclusion of various control variables and alternative sample specifications.
Subjects:relative price volatility
market structure
price-cost margin
variance decomposition
JEL:F31
F41
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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