J Bus Cycle Res https://doi.org/10.1007/s41549-018-0029-x REPORT 1 1 2 Arnildo Correa · Myrian Petrassi · Rafael Santos Received: 20 September 2016 / Accepted: 20 May 2018 © Springer International Publishing AG, part of Springer Nature 2018 Abstract Price surveys became popular after the seminal work of Blinder (Am Econ Rev 81(2):89–100, 1991) exploring US firms’ price-setting practices, which filled some blanks left by the simple observation of prices charged by firms. The present paper reports the findings from a survey conducted by the Central Bank of Brazil with local firms and discusses some policy implications. The sample con - sisted of 7002 firms and three economic sectors: manufacturing, services and com - merce. Data suggest important features about price-setting behavior in Brazil: the cost of reviewing prices is low, but there is significant nominal rigidity—firms report to change prices approximately 3.6 times per year; state-dependent rules seem to be more frequent than time-dependent behavior; markup pricing appears to be the dominant strategy; and the two most important factors driving price changes in Bra- zil are the cost of intermediate goods and the inflation rate. Keywords Survey data · Price setting · Nominal rigidity · Micro price data JEL Classification E30 · E50 · D40 The Working Papers
Journal of Business Cycle Research – Springer Journals
Published: May 29, 2018
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