Az előadás a Látogatóközpontban 15 órakor kezdődik, angol nyelven.
Mihai Copaciu (Natinal Bank of Romania),
Florian Neagu (NBR),
Horia Braun-Erdei (NBR)
Öszefoglaló
his paper presents the results of an ad-hoc survey aimed at identifying the price setting patterns of Romanian firms. This approach, broadly employed across EMU countries under the Eurosystem Inflation Persistence Network (IPN), is new among the last 12 European Union Members. The high complexity of the survey and the broad coverage both in terms of firms’ size and NACE sectors are lacking a high answer rate, the latter being around half of the average of the above mentioned studies. Operating in a relatively high competitive environment, most of firms set the price internally, among these, small firms predominantly adopting the market price while the medium and large ones opt mostly for mark-up pricing. Furthermore, most of the firms use a time-dependent price reviewing strategy with state-dependent elements, the latter strategy alone being adopted mostly by small firms. Romanian firms review and change prices more often than the firms surveyed by IPN studies, large firms adopting less rigid prices, more resources and higher miss-pricing costs explaining probably this finding. Similar with IPN evidence, contracts, either implicit or explicit are the main sources of price stickiness, with traditional theories (e.g. menu costs) ranking at the bottom. Wages are also in this case stickier than prices with around 72% of the firms changing their wages once per year or less often, the most important factor leading to wage variations being the change in productivity. Finally, firms usually fully transmit into their prices the impact of strong unanticipated financial shocks.