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The Price-Setting Behavior of Austrian Firms: Some Survey EvidenceClaudia KwapilOesterreichische Nationalbank Josef BaumgartnerAustrian Institute of Economic Research (WIFO) Johann ScharlerJohannes Kepler University Linz - Department of Economics March 2005 ECB Working Paper No. 464 Abstract: This paper explores the price-setting behavior of Austrian firms based on survey evidence. Our main result is that customer relationships are a major source of price stickiness in the Austrian economy. We also find that the majority of firms in our sample follows a time-dependent pricing strategy. However, a substantial fraction of firms deviates from time-dependent pricing in the case of large shocks and switches to a state-dependent pricing strategy. In addition, we present evidence suggesting that the price response to various shocks is subject to asymmetries.
Number of Pages in PDF File: 68 Keywords: Price-setting behavior, Price rigidity JEL Classification: C25, E30 working papers seriesDate posted: May 20, 2005Suggested CitationContact Information
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