ABSTRACT

This paper presents new evidence on wage and price setting based on a survey of more than 300 Uruguayan firms in 2013. Most of the firms set prices considering costs and adding a profit margin; therefore, they have some degree of market power. The evidence indicates that price increases appear quite flexible in Uruguay (prices are downward rigid). Most of the firms adjust their prices on an irregular basis, which suggests that price changes in Uruguay are state-dependent, although wage changes are concentrated in January and July. Interestingly, the cost of credit is seen as an irrelevant factor in explaining price increases. We also find that cost reduction is the principal strategy to a negative demand shock, and finally, that the adjustment of prices to changes in wages is relatively quick.

摘要

本文基于2013年对300多家乌拉圭公司的调查，提供了有关工资和价格制定的新证据。大多数公司在制定价格时都考虑了成本并增加了利润率。因此，它们具有一定程度的市场支配力。证据表明，价格上涨在乌拉圭显得相当灵活（价格呈刚性下降）。大多数公司不定期地调整价格，这表明乌拉圭的价格变化取决于国家，尽管工资变化集中在1月和7月。有趣的是，信贷成本被视为解释价格上涨的不相关因素。我们还发现降低成本是消极需求冲击的主要策略，最后，价格调整以适应工资变化相对较快。