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Pricing to market of Italian exporting firms

[journal article]

Basile, Roberto; Nardis, Sergio de; Girardi, Alessandro

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Abstract This paper investigates the pricing-to-market (PTM) behaviour of Italian exporting firms, using quarterly survey data by sector and by region over the period 1999q1-2005q2. A partial equilibrium imperfect competition model provides the structure according to which the orthogonality of structural shocks is derived. Impulse-response analysis shows non-negligible reactions of export-domestic price margins to unanticipated changes in cost competitiveness and in foreign and domestic demand levels, even though these effects appear to be of a transitory nature. For the period 1999-2001 a typical PTM behaviour emerges, while during the most recent years favourable foreign demand conditions allowed firms to increase their export-domestic price margins in face of a strong deterioration of their cost competitiveness. Macroeconomic implications of the observed PTM behaviour are also discussed.
Classification Political Economy
Free Keywords pricing to market; survey data; panel-VAR models
Document language English
Publication Year 2009
Page/Pages p. 1543-1562
Journal Applied Economics, 41 (2009) 12
Status Postprint; peer reviewed
Licence PEER Licence Agreement (applicable only to documents from PEER project)