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Price Changes - Stickiness and Internal Coordination in Multiproduct Firms.

Letterie, Wilko; Nilsen, Øivind A.
Working paper
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URI
http://hdl.handle.net/11250/2427576
Date
2016-12
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  • Discussion papers (SAM) [586]
Abstract
We assess empirically the micro-foundations of producers’ sticky pricing behaviour. We

account for various functional forms of menu costs. The focus is on the analysis of

multiproduct plants, and the menu costs therefore also allow for economies of scope. The

structural model developed is tested using monthly product- and plant-specific producer

prices for Norwegian plants. We find evidence of linear and fixed menu costs that account for

inaction of price adjustment. Convex menu costs are statistically significant but of moderate

importance. Finally, our estimates suggest economies of scope in adjusting prices resulting in

(incomplete) synchronization of price changes.
Publisher
Institutt for samfunnsøkonomi, NHH
Series
DP SAM;21

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