Estimados Académicos, 

Les informamos que se realizará el Seminario del Departamento de Economía en el que presentará Javier Turén, Phd en Economía de la University College of London y Profesor Asistente del Departamento de Economía de la Pontificia Universidad Católica.

Título: "Belief Dependen Pricing Decisions"

Autores: Javier Turén, Serafín Franche, Rodrigo Lluberas

Resumen: This paper studies the effects of inflation and idiosyncratic cost expectations on firms’ price-adjusting decisions. We explore a novel monthly survey data on firms’ expectations in Uruguay. Through the survey, we can directly assess price-adjustment decisions with firms’ expectations while controlling for time and state-dependent factors. While inflation expectations do not play any role in our results, firms’ beliefs about an expected increase in their overall costs matter as they positively affect the probability of adjusting prices. The evidence is consistent with forward-looking behavior, and thus in line with the presence of pricing rigidities at the firm level. The expectation channel is, however, heterogeneous across firms and operates with a delay. We show that the effect is driven exclusively by large firms. 

El seminario se dictará el Viernes 10 de julio a las 12:00hrs en el siguiente link.
 
Saludos cordiales,

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