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Intermittent Price Changes in Production Plants: Empirical Evidence using Monthly Data.

Nilsen, Øivind A.; Vange, Magne
Working paper
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URI
http://hdl.handle.net/11250/2427577
Date
2016-12
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  • Discussion papers (SAM) [579]
Abstract
The price-setting behaviour of manufacturing plants is examined using a

large panel of monthly surveyed plant- and product-specific prices. The sample

shows a high frequency of zero changes, relatively small price changes, and

a strong seasonal price change pattern. The intermittent feature of price

changes is modelled with thresholds which are lower in January, and a quadratic

loss–function associated with the distance from target price. The findings show

statistically significant pricing thresholds, which are only two thirds in January,

and partial adjustment parameters implying that 60% of the deviation between

the target price and current price is closed each month.
Publisher
Institutt for samfunnsøkonomi, NHH
Series
DP SAM;22

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