Pricing Behaviour and Menu Costs in Multi‐product Firms
利用挪威多产品企业的月度生产者价格数据，研究了定价行为的微观基础，发现频繁的小幅价格变动与高度同步性，表明存在范围经济的固定菜单成本及线性与凸性调整成本，对理解货币政策有效性有重要意义。
This paper investigates the micro‐foundations of pricing behaviour using monthly producer prices for Norwegian multi‐product firms. We find both infrequent and many small price changes together with a high degree of within‐firm synchronization. This points at fixed menu costs featuring scope economies, at additional linear and convex price adjustment costs, and at the presence of firm‐specific shocks. The structural estimates and a simulation support the view that in order to understand pricing behaviour and the effectiveness of monetary policy, the analysis of multi‐product firms and a richer price adjustment technology in the intermediate goods sector is valuable.