Pricing Behavior and the Response of Hours to Productivity Shocks
利用意大利制造业企业样本，发现生产率冲击对工时增长有负效应，且价格越粘性的企业负效应越强，支持了粘性价格模型。
Recent contributions have suggested that technology shocks have a negative impact on hours, contrary to the prediction of standard flexible‐price models of the business cycle. Some authors have interpreted this finding as evidence in favor of sticky‐price models, while others have either extended flexible‐price models or disputed the empirical finding itself. In this paper, we estimate a variety of alternative total factor productivity measures for a representative sample of Italian manufacturing firms and on average find a negative effect of productivity shocks on hours growth. More interestingly, using the reported frequency of price reviews, we show that the contractionary effect is stronger for firms with stickier prices and weaker or not significant for firms with more flexible prices. Price stickiness remains a crucial factor in shaping the response of hours after controlling for product storability or market power.