The Experts below are selected from a list of 26796 Experts worldwide ranked by ideXlab platform
Ignacio Hernando - One of the best experts on this subject based on the ideXlab platform.
-
the price setting behaviour of spanish firms evidence from survey data
Research Papers in Economics, 2005Co-Authors: Luis J Alvarez, Ignacio HernandoAbstract:This paper reports the results of a survey carried out by the Banco de Espana on a sample of around 2000 Spanish firms to deepen the understanding of firms' price setting behaviour. The main findings may be summarised as follows. Most Spanish firms are price setters that use predominantly state dependent rules or a combination of time and state dependent rules when reviewing their prices. Changes in costs are the main factor underlying price increases, whereas changes in market conditions (demand and competitors' prices) are the main driving forces of price decreases. The degree of price flexibility is directly related to the Share of energy inputs over total costs and to the intensity of competition, whereas it is inversely linked to the Labour Share. The three theories of price stickiness that receive the highest empirical support are implicit contracts, coordination failure and explicit contracts.
-
price setting behaviour in spain evidence from micro ppi data
Social Science Research Network, 2005Co-Authors: Luis J Alvarez, Pablo Burriel, Ignacio HernandoAbstract:This paper identifies the basic features of price setting behaviour at the producer level in the Spanish economy using a large dataset containing the micro data underlying the construction of the PPI over the period 1991-1999. It explores how these general features are affected by some specific factors (cost structure, degree of competition, demand conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a comparison of price setting practices at the producer and at the consumer level to ascertain whether the retail sector augments or mitigates price stickiness. We find that prices do not change often but do so by a large amount. The cost structure, proxied by the Labour Share and the relevance of raw materials, and the degree of competition, proxied by import penetration, affect price flexibility. We also find some evidence that producer prices are more flexible than consumer prices.
-
price setting behaviour in spain evidence from micro ppi data
Research Papers in Economics, 2005Co-Authors: Luis J Alvarez, Pablo Burriel, Ignacio HernandoAbstract:This paper identifies the basic features of price setting behaviour at the producer level in the Spanish economy using a large dataset containing the micro data underlying the construction of the PPI over the period 1991-1999. It explores how these general features are affected by some specific factors (cost structure, degree of competition, demand conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a comparison of price setting practices at the producer and at the consumer level to ascertain whether the retail sector augments or mitigates price stickiness. We find that prices do not change often but do so by a large amount. The cost structure, proxied by the Labour Share and the relevance of raw materials, and the degree of competition, proxied by import penetration, affect price flexibility. We also find some evidence that producer prices are more flexible than consumer prices. JEL Classification: E31, D40
Luis J Alvarez - One of the best experts on this subject based on the ideXlab platform.
-
the price setting behaviour of spanish firms evidence from survey data
Research Papers in Economics, 2005Co-Authors: Luis J Alvarez, Ignacio HernandoAbstract:This paper reports the results of a survey carried out by the Banco de Espana on a sample of around 2000 Spanish firms to deepen the understanding of firms' price setting behaviour. The main findings may be summarised as follows. Most Spanish firms are price setters that use predominantly state dependent rules or a combination of time and state dependent rules when reviewing their prices. Changes in costs are the main factor underlying price increases, whereas changes in market conditions (demand and competitors' prices) are the main driving forces of price decreases. The degree of price flexibility is directly related to the Share of energy inputs over total costs and to the intensity of competition, whereas it is inversely linked to the Labour Share. The three theories of price stickiness that receive the highest empirical support are implicit contracts, coordination failure and explicit contracts.
-
price setting behaviour in spain evidence from micro ppi data
Social Science Research Network, 2005Co-Authors: Luis J Alvarez, Pablo Burriel, Ignacio HernandoAbstract:This paper identifies the basic features of price setting behaviour at the producer level in the Spanish economy using a large dataset containing the micro data underlying the construction of the PPI over the period 1991-1999. It explores how these general features are affected by some specific factors (cost structure, degree of competition, demand conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a comparison of price setting practices at the producer and at the consumer level to ascertain whether the retail sector augments or mitigates price stickiness. We find that prices do not change often but do so by a large amount. The cost structure, proxied by the Labour Share and the relevance of raw materials, and the degree of competition, proxied by import penetration, affect price flexibility. We also find some evidence that producer prices are more flexible than consumer prices.
-
price setting behaviour in spain evidence from micro ppi data
Research Papers in Economics, 2005Co-Authors: Luis J Alvarez, Pablo Burriel, Ignacio HernandoAbstract:This paper identifies the basic features of price setting behaviour at the producer level in the Spanish economy using a large dataset containing the micro data underlying the construction of the PPI over the period 1991-1999. It explores how these general features are affected by some specific factors (cost structure, degree of competition, demand conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a comparison of price setting practices at the producer and at the consumer level to ascertain whether the retail sector augments or mitigates price stickiness. We find that prices do not change often but do so by a large amount. The cost structure, proxied by the Labour Share and the relevance of raw materials, and the degree of competition, proxied by import penetration, affect price flexibility. We also find some evidence that producer prices are more flexible than consumer prices. JEL Classification: E31, D40
Pablo Burriel - One of the best experts on this subject based on the ideXlab platform.
-
price setting behaviour in spain evidence from micro ppi data
Social Science Research Network, 2005Co-Authors: Luis J Alvarez, Pablo Burriel, Ignacio HernandoAbstract:This paper identifies the basic features of price setting behaviour at the producer level in the Spanish economy using a large dataset containing the micro data underlying the construction of the PPI over the period 1991-1999. It explores how these general features are affected by some specific factors (cost structure, degree of competition, demand conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a comparison of price setting practices at the producer and at the consumer level to ascertain whether the retail sector augments or mitigates price stickiness. We find that prices do not change often but do so by a large amount. The cost structure, proxied by the Labour Share and the relevance of raw materials, and the degree of competition, proxied by import penetration, affect price flexibility. We also find some evidence that producer prices are more flexible than consumer prices.
-
price setting behaviour in spain evidence from micro ppi data
Research Papers in Economics, 2005Co-Authors: Luis J Alvarez, Pablo Burriel, Ignacio HernandoAbstract:This paper identifies the basic features of price setting behaviour at the producer level in the Spanish economy using a large dataset containing the micro data underlying the construction of the PPI over the period 1991-1999. It explores how these general features are affected by some specific factors (cost structure, degree of competition, demand conditions, government intervention, level of inflation, seasonality, and the practice of using attractive prices) and presents a comparison of price setting practices at the producer and at the consumer level to ascertain whether the retail sector augments or mitigates price stickiness. We find that prices do not change often but do so by a large amount. The cost structure, proxied by the Labour Share and the relevance of raw materials, and the degree of competition, proxied by import penetration, affect price flexibility. We also find some evidence that producer prices are more flexible than consumer prices. JEL Classification: E31, D40
John Van Reenen - One of the best experts on this subject based on the ideXlab platform.
-
concentrating on the fall of the labor Share
The American Economic Review, 2017Co-Authors: David H Autor, David Dorn, Lawrence F Katz, Christina Patterson, John Van ReenenAbstract:In this paper, we discuss an explanation for the fall in Share of Labour in GDP based on the rise of “superstar firms.” If globalization or technological changes advantage the most productive firms in each industry, product market concentration will rise as industries become increasingly dominated by superstar firms with high profit margins and a low Share of labor in firm value-added and sales. As the importance of superstar firms increases, the aggregate Labour Share will fall. This hypothesis suggeststhat sales will increasingly concentrate in a small number of firms and that industries where concentration rises most will have the largest declines in the Labour Share. We find support for these predictions aggregating up micro-data from the US Census 1982-2012.
-
privatization and the decline of Labour s Share international evidence from network industries
Economica, 2012Co-Authors: Ghazala Azmat, Alan Manning, John Van ReenenAbstract:Some authors have suggested that deregulation of product and Labour markets is responsible for the decline in Labour's Share of GDP. A simple model predicts that privatization is associated with a lower Labour Share, due to job shedding. We test this hypothesis by focusing on privatization of network industries in the OECD. We find that, on average, privatization accounts for a fifth of the fall of Labour's Share, and over half in Britain and France. This is due to lower employment, but it is partially offset by higher wages and falling barriers to entry, which dampen profit margins.
Melchior Vella - One of the best experts on this subject based on the ideXlab platform.
-
technological advance and the Labour Share of national income in the european union
Journal of Income Distribution, 2014Co-Authors: Lino Briguglio, Melchior VellaAbstract:This article tests the hypothesis that member states of the EU have been experiencing a declining Share of Labour income due to technological advance. It discusses factors that lead to the fall in the Labour Share, including technological advance, which is a tendency found in the capitalist system. We also identify the undesirable effects of a fall in the Labour Shares. The results of an econometric test conducted in our study, based on a Labour demand equation that was derived from the CES production function, confirm the hypothesis that technological progress negatively affected the Labour Share of income, everything else remaining constant. This finding has important implications for EU Member States, namely that some form of policy intervention would seem to be necessary, as technological progress could lead to a continuing fall in the Share of Labour income if left to its own devices.
-
technological advance the Labour Share of national income and income inequality in the eu
2014Co-Authors: Lino Briguglio, Melchior VellaAbstract:The paper tests the hypothesis that member states of the European Union have been experiencing declining Share of Labour income due to technological advance. In the literature, this decline is associated with inequality in the distribution of income, reduction in aggregate demand, and threats to social cohesion. In this paper, the results of an econometric test based on a Labour demand equation derived from the CES production function, confirms the hypothesis that technological progress negatively affected the Labour Share of income in the EU, everything else remaining constant. This finding has important implications for EU Member States, including that some form of policy intervention would seem to be necessary, as left to its own devices, the capitalist system, which has brought about technological progress, could lead to a continuing fall in the Share of Labour income.
