Price setting practices in Greece: evidence from a small-scale firm-level survey

Daphne Nicolitsas

No 156, Working Papers from Bank of Greece

Abstract: The paper documents the price setting practices followed by some 400 or so firms operating in Greece. Survey replies reveal: a low percentage of firms changing prices with frequency higher than annual; staggering of price changes during the year; sluggish adjustment of prices to cost shocks; asymmetries in price adjustment across positive and negative cost shocks and a speedier adjustment to increases in costs than to reductions in demand. The data confirm cross-sectional variations in price setting practices also found for other countries. On the basis of the results reached the conjecture that the prevalence of small firms, of firms providing services to businesses and of firms active in tourism-related activities might lie behind the inflation persistence exhibited until recently in Greece appears plausible.

Keywords: price setting; competition; survey data (search for similar items in EconPapers)
JEL-codes: C41 E31 J31 J41 (search for similar items in EconPapers)
Pages: 48
Date: 2013-04
New Economics Papers: this item is included in nep-bec, nep-com and nep-hme
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Citations: View citations in EconPapers (7)

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Related works:
Journal Article: PRICE SETTING PRACTICES IN GREECE: EVIDENCE FROM A SMALL-SCALE FIRM-LEVEL SURVEY (2016)
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