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Erscheinungsjahr: 
2009
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 231
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
Using data on product-level prices matched to the producing firm's unit labor cost, we reject the hypothesis of a full and immediate pass-through of marginal cost. Since we focus on idiosyncratic variation, this does not fit the predictions of the Ma'ckowiak and Wiederholt (2009) version of the Rational Inattention Model. Neither do we find that firms react strongly to predictable marginal cost changes, as expected from the Mankiw and Reis (2002) Sticky Information Model. We find that, in line with Staggered Contracts models, firms consider both the current and future expected marginal cost when setting prices with a sum of coeffients cients not significantly different from unity.
Schlagwörter: 
Price Setting
Business Cycles
Information
Micro Data
JEL: 
D80
E30
L16
Dokumentart: 
Working Paper
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