Az előadás a Látogatóközpontban 15.15 órakor kezdődik, angol nyelven.
Mikael Carlsson (Sveriges Riksbank)
Abstract
We analyze data on product-level prices matched to the producing firm's unit labor cost. The data reject the hypothesis of a full and immediate pass-through of marginal cost onto prices. Since we focus on idiosyncratic variation, this does not fit the predictions of the Mackowiak and Wiederholt (2008) version of the Rational Inattention Model. Neither do we find that firms react strongly to predictable marginal cost changes, as expected from the Mankiw and Reis (2002) Sticky Information Model. We do find that firms consider both current and future expected marginal cost when setting prices. The estimated parameters are well in line with aggregate estimates from Staggered Contracts models and consistent with a full long-run pass-through of marginal cost onto prices.
Keywords: Price Setting, Business Cycles, Information, Micro Data.
JEL classifications: D8, E3, L16.