Understanding Price Stickiness: Firm‐level Evidence on Price Adjustment Lags and Their Asymmetries
研究了企业对正向和负向需求及成本冲击的价格反应速度，发现价格调整滞后符合最优定价模型预测，且反应存在不对称性，这对理解货币政策冲击的影响有启示。
Abstract We study the speed of price reactions to positive and negative demand and cost shocks. Our findings suggest that price adjustment lags vary in line with the predictions of optimal price setting models. Moreover, we find that the firms' reactions are asymmetric, and that these asymmetries cannot be fully explained by any single theoretical model of asymmetric price adjustment. Overall, these results suggest that the reaction to monetary policy shocks may depend on which firms or sectors are particularly affected by them and, therefore, that richer models are needed to fully understand the effects of monetary policy.