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Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank >
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http://hdl.handle.net/10419/19630
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| Title: | | Sticky prices in the euro area: a summary of new micro evidence  |
| Authors: | | Álvarez, Luis J. Dhyne, Emmanuel Hoeberichts, Marco Kwapil, Claudia Le Bihan, Hervé Lünnemann, Patrick Martins, Fernando Sabbatini, Roberto Stahl, Harald Vermeulen, Philip Vilmunen, Juoko |
| Issue Date: | | 2006 |
| Series/Report no.: | | Discussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2006,02 |
| Abstract: | | This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is evidence of heterogeneity and of asymmetries in price setting behaviour; (iii) downward price rigidity is only slightly more marked than upward price rigidity and (iv) implicit or explicit contracts and coordination failure theories are important, whereas menu or information costs are judged much less relevant by firms. |
| Subjects: | | Price setting Price stickiness Consumer prices Producer prices survey data |
| JEL: | | E31 D40 C25 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank
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