Measuring demand and supply pressures using business surveys

Nataliia Ostapenko ()
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Nataliia Ostapenko: National Bank of Slovakia

No WP 11/2026, Working and Discussion Papers from Research Department, National Bank of Slovakia

Abstract: We decompose firms’ selling price expectations into demand- and supply-driven components using survey responses on expected selling prices and demand conditions. Our results indicate that economic activity and monetary policy shocks are transmitted primarily through the demand-driven component. This component is robustly associated with inflation in sector-level Phillips curve regressions, highlighting the importance of demand-side expectations for the transmission of demand shocks to inflation.

JEL-codes: D84 E31 E32 E52 (search for similar items in EconPapers)
Pages: 54 pages
Date: 2026-10
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Persistent link: https://EconPapers.repec.org/RePEc:svk:wpaper:1147

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