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Micro Foundations of Macroeconomic Price Adjustment: Survey Evidence from Swedish Firms

  • Apel, Mikael

    ()

    (National Institute for Economic Research)

  • Friberg, Richard

    ()

    (Department of Economics)

  • Hallsten, Kerstin

    ()

    (Monetary Policy Department, Central Bank of Sweden)

This paper reports the results from a survey on price-setting behavior of a large random sample of Swedish firms. Prices are found to adjust only infrequently; the median firm adjusts the price once a year. State-dependent pricing is found to be more common than is usually assumed and at least as important as time-dependent pricing. The paper sums up the evidence from this and two similar large-scale surveys on UK and US data. Notably, and suggesting directions for further research, four of the theories of price rigidity are ranked by the respondents among the top-five places in all three studies.

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File URL: http://www.riksbank.se/upload/Dokument_riksbank/Kat_foa/wp_128.pdf
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Paper provided by Sveriges Riksbank (Central Bank of Sweden) in its series Working Paper Series with number 128.

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Length: 40 pages
Date of creation: 01 Dec 2001
Date of revision:
Publication status: Published in Journal of Money, Credit and Banking, 2005, pages 313-338.
Handle: RePEc:hhs:rbnkwp:0128
Contact details of provider: Postal: Sveriges Riksbank, SE-103 37 Stockholm, Sweden
Phone: 08 - 787 00 00
Fax: 08-21 05 31
Web page: http://www.riksbank.com/
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