The pricing behaviour of firms in the euro area : new survey evidence

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks. Overall, more than 11,000 firms participated in the survey. The results are very robust across countries. Firms operate in monopolistically competitive markets, where prices are mostly set following mark-up rules and where price discrimination is a common practice. Our evidence suggests that both time- and state-dependent pricing strategies are applied by firms in the euro area: around one-third of the companies follow mainly time-dependent pricing rules while two-thirds use pricing rules with some element of state-dependence. Although the majority of firms take into account a wide range of information, including past and expected economic developments, about one-third adopts a purely backward-looking behaviour. The pattern of results lends support to the recent wave of estimations of hybrid versions of the New Keynesian Phillips Curve. Price stickiness arises both at the stage when firms review their prices and again when they actually change prices. The most relevant factors underlying price rigidity are customer relationships - as expressed in the theories about explicit and implicit contracts - and thus, are mainly found at the price changing (second) stage of the price adjustment process. Finally, we provide evidence that firms adjust prices asymmetrically in response to shocks, depending on the direction of the adjustment and the source of the shock: while cost shocks have a greater impact when prices have to be raised than when they have to be reduced, reductions in demand are more likely to induce a price change than increases in demand.price setting, nominal rigidity, real rigidity, inflation persistence, survey data.

The Pricing Behaviour of Firms in the Euro Area: New Survey Evidence

This study investigates the pricing behaviour of firms in the euro area on the basis of surveys conducted by nine Eurosystem national central banks. Overall, more than 11,000 firms participated in the survey. The results are very robust across countries. Firms operate in monopolistically competitive markets, where prices are mostly set following mark-up rules and where price discrimination is a common practice. Our evidence suggests that both time- and state-dependent pricing strategies are applied by firms in the euro area: around one-third of the companies follow mainly time-dependent pricing rules while two-thirds use pricing rules with some element of state-dependence. Although the majority of firms take into account a wide range of information, including past and expected economic developments, about one-third adopts a purely backward-looking behaviour. The pattern of results lends support to the recent wave of estimations of hybrid versions of the New Keynesian Phillips Curve. Price stickiness arises both at the stage when firms review their prices and again when they actually change prices. The most relevant factors underlying price rigidity are customer relationships – as expressed in the theories about explicit and implicit contracts – and thus, are mainly found at the price changing (second) stage of the price adjustment process. Finally, we provide evidence that firms adjust prices asymmetrically in response to shocks, depending on the direction of the adjustment and the source of the shock: while cost shocks have a greater impact when prices have to be raised than when they have to be reduced, reductions in demand are more likely to induce a price change than increases in demand.

The Reproducibility and Applicability of an EFD(®) Dispenser in the Prosthetic Technology of Maxillofacial Prostheses

A reproducible method of dosing pigments can be beneficial and more efficient in the current colour matching procedure in maxillofacial prosthetics. In this study the reproducibility and applicability for pigment dosing of a commercial available EFD(®) dispenser were tested. The reproducibility of a Performus™ II type EFD(®) dispenser was tested by repeating dosing experiments with a set of eight syringes filled with pigment pastes (Factor 2; Flagstaff, USA). To evaluate conventional colour matching, four conventionally colour matched samples were polymerized and compared to the original ones. To investigate the reproducibility of the dispenser in practice, a fifth recipe was dispensed 10 times and colour differences were evaluated visually and as well calculated from measurements with a colour and translucency meter (CTM, PBSensortechnology bv). All dispensed amounts of pigment pastes showed a coefficient of variation in weight of less than 10 %. Evaluating the reproductions of four skin batches compared to the original batches, a ∆E2000 colour difference of 3–7 was measured. Evaluating ten reproductions of one skin coloured batch made with the dispenser, color difference ∆E2000 values compared to the average L*a*b* values, were less than 2 and no visual colour differences could be estimated. Conform these results, low colour differences could be measured with the CTM, indicating no visually observable consequences. Despite the estimated coefficient of variation, the reproducibility of the EFD(®) dispenser in terms of colour difference ∆E2000 of successive dispensing is applicable for colour reproduction in facial prosthetics. Segregation of the current color pastes in due time needs to be taken into consideration

Ten-year consistency in neurological test performance of children without focal neurological deficit

To assess \u27soft-sign\u27 persistence and its correlates outside a referred sample, 159 members of a local birth cohort of the United National Collaborative Perinatal Project were traced and their performance on six neurological test scales was measured at age 17 by examiners blind to their status at age seven. A comparison group was also formed, who had been \u27sign-free\u27 at age seven. On four of the six tests (dysdiadochokinesis, mirror movements, dysgraphesthesia and motor slowness) index boys did significantly worse than the comparison boys; by contrast, index girls scored significantly worse than comparisons only on motor slowness

Quasitriangular coideal subalgebras of Uq(g) in terms of generalized Satake diagrams

© 2020 The Authors. Bulletin of the London Mathematical Society is copyright © London Mathematical Society. This is an open access article under the terms of the Creative Commons Attribution License (https://creativecommons.org/licenses/by/4.0/), which permits use, distribution and reproduction in any medium, provided the original work is properly cited.Let (Formula presented.) be a finite-dimensional semisimple complex Lie algebra and (Formula presented.) an involutive automorphism of (Formula presented.). According to Letzter, Kolb and Balagović the fixed-point subalgebra (Formula presented.) has a quantum counterpart (Formula presented.), a coideal subalgebra of the Drinfeld–Jimbo quantum group (Formula presented.) possessing a universal (Formula presented.) -matrix (Formula presented.). The objects (Formula presented.), (Formula presented.), (Formula presented.) and (Formula presented.) can all be described in terms of Satake diagrams. In the present work, we extend this construction to generalized Satake diagrams, combinatorial data first considered by Heck. A generalized Satake diagram naturally defines a semisimple automorphism (Formula presented.) of (Formula presented.) restricting to the standard Cartan subalgebra (Formula presented.) as an involution. It also defines a subalgebra (Formula presented.) satisfying (Formula presented.), but not necessarily a fixed-point subalgebra. The subalgebra (Formula presented.) can be quantized to a coideal subalgebra of (Formula presented.) endowed with a universal (Formula presented.) -matrix in the sense of Kolb and Balagović. We conjecture that all such coideal subalgebras of (Formula presented.) arise from generalized Satake diagrams in this way.Peer reviewe

Coideal Quantum Affine Algebra and Boundary Scattering of the Deformed Hubbard Chain

We consider boundary scattering for a semi-infinite one-dimensional deformed Hubbard chain with boundary conditions of the same type as for the Y=0 giant graviton in the AdS/CFT correspondence. We show that the recently constructed quantum affine algebra of the deformed Hubbard chain has a coideal subalgebra which is consistent with the reflection (boundary Yang-Baxter) equation. We derive the corresponding reflection matrix and furthermore show that the aforementioned algebra in the rational limit specializes to the (generalized) twisted Yangian of the Y=0 giant graviton.Comment: 21 page. v2: minor correction

Economics handbook

1995 handbook for the faculty of Economic