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338.526094
Price setting in the euro area :
some stylised facts from individual producer price data /
Daniel Dias... [et al.]
Frankfurt am Main :
Deutsche Bundesbank,
2007
53 p.
Discussion paper. Series 1: economic studies ;
no. 03/2007
Bibliografía: p. 43-45.
This paper documents producer price setting in 6 countries of the euro area: Germany, France, Italy, Spain, Belgium and Portugal. It collects evidence from available studies on each of those countries and also provides new evidence. These studies use monthly producer price data. The following five stylised facts emerge consistently across countries. First, producer prices change infrequently: each month around 21% of prices change. Second, there is substantial cross-sector heterogeneity in the frequency of price changes: prices change very often in the energy sector, less often in food and intermediate goods and least often in non-durable non- food and durable goods. Third, countries have a similar ranking of industries in terms of frequency of price changes. Fourth, there is no evidence of downward nominal rigidity: price changes are for about 45% decreases and 55% increases. Fifth, price changes are sizeable compared to the inflation rate. The paper also examines the factors driving producer price changes. It finds that costs structure, competition, seasonality, inflation and attractive pricing all play a role in driving producer price changes. In addition producer prices tend to be more flexible than consumer prices.
FIJACION DE PRECIOS
151
FORMACION DEL PRECIO
5689
ALEMANIA
178
FRANCIA
568
ITALIA
311
ESPAÑA
553
BELGICA
213
PORTUGAL
862
5690
Dias, Daniel
4690
Discussion paper (Deutsche Bundesbank).
Series 1: economic studies
no. 03/2007
http://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Discussion_Paper_1/2007/2007_03_16_dkp_03.pdf?__blob=publicationFile
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