Is There a Cost Channel of Monetary Policy Transmission?: An Investigation Into the Pricing Behaviour of 2,000 Firms |
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50 employees 8+a+B aggregate assumption Banca d'Italia Bank of Italy Barth and Ramey Bils and Chang CADS capacity utilization capital cent confidence level change in output channel of monetary Christiano coefficient cost channel effect cost of production cost-push shock dataset demand shock dummies effect of interest effects of monetary Eichenbaum and Evans empirical equal estimates euro area European Economic Review Factor of Production financed firm-specific firms belonging Fixed effects estimation frequency of price Guiso implications inflation input prices interest expenses interest rate changes Istat Italian firms Italian manufacturing firms labour costs LIPPI log-change marginal cost mark-up measure monetary shocks Monetary Transmission number of firms optimal policy output prices parameter positive price adjustment price equation Price Stickiness pricing behaviour ratio Ravenna and Walsh robust sample mean sectoral September 2004 significant Sticky Price Table Technology Shocks total costs Transmission Mechanism two-digit w₁ wages