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Sticky prices in the euro area: a summary of new micro evidence

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Listed:
  • Álvarez, Luis J.
  • Vermeulen, Philip
  • Stahl, Harald
  • Sabbatini, Roberto
  • Martins, Fernando
  • Lünnemann, Patrick
  • Le Bihan, Hervé
  • Kwapil, Claudia
  • Hoeberichts, Marco M.
  • Dhyne, Emmanuel
  • Vilmunen, Jouko

Abstract

This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is evidence of heterogeneity and of asymmetries in price setting behaviour; (iii) downward price rigidity is only slightly more marked than upward price rigidity and (iv) implicit or explicit contracts and coordination failure theories are important, whereas menu or information costs are judged much less relevant by firms. JEL Classification: C25, D40, E31

Suggested Citation

  • Álvarez, Luis J. & Vermeulen, Philip & Stahl, Harald & Sabbatini, Roberto & Martins, Fernando & Lünnemann, Patrick & Le Bihan, Hervé & Kwapil, Claudia & Hoeberichts, Marco M. & Dhyne, Emmanuel & Vilmu, 2005. "Sticky prices in the euro area: a summary of new micro evidence," Working Paper Series 563, European Central Bank.
    • Handle: RePEc:ecb:ecbwps:2005563
    Note: 327651
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    More about this item

    Keywords

    consumer prices; price setting; price stickiness; producer prices; survey data;
    All these keywords.

    JEL classification:

    • C25 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions; Probabilities
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation

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