A Sectoral Analysis of Price-Setting Behavior in U.S. Manufacturing Industries
利用1959-1996年美国制造业两位数行业数据估计新凯恩斯菲利普斯曲线，发现价格粘性从8个月到2年不等，且市场集中度与价格粘性正相关，但与经验法则行为负相关。
In this paper we estimate New Keynesian Phillips curves (NKPC) for U.S. manufacturing industries defined at the SIC two digit level over the period 1959 to 1996. This enables us to measure the extent of nominal inertia across industrial sectors. A key innovation in this research is the use of intermediate-goods costs rather than labor costs as a measure of marginal costs. Intermediate-goods costs are a more significant element of costs for the firms populating our sample and are not subject to the criticism that wage rates are nonallocative. We find that there is statistically significant variability in estimates of price stickiness, ranging from eight months to two years. We also find that estimates of backward-looking price-setting behavior vary, with some industries characterized by 81% of pricing decisions made in a purely forward-looking manner, while in others only 52% of pricing decisions are made that way. Market concentration (as captured by the Herfindahl-Hirschman index) appears to be associated with increased price stickiness, but reduced rule-of-thumb behavior, in setting prices. Finally, firms are also more likely to follow simple rules of thumb when output in their industry is more volatile. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.