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The price-setting behavior of Austrian firms: some survey evidence

Claudia Kwapil, Josef Baumgartner () and Johann Scharler

No 464, Working Paper Series from European Central Bank

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 timedependent 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. JEL Classification: C25, E30

Keywords: price-setting behavior; price rigidity (search for similar items in EconPapers)
Date: 2005-03
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