This paper investigates a pattern of price revision by firms in Korea and sheds light on the cause of price stickiness by providing reliable statistical estimates for calibration of the parameters of the widely‐used macro‐models. Based on firm‐level survey data and using a probit model, we identify the firm characteristics or market conditions that discourage firms from carrying out state‐dependent price adjustment. We also estimate the factors driving firms to engage in state‐dependent adjustment rather than wait until the next scheduled revision under three different shocks: demand, general cost and exchange rate shocks. We find a few interesting features, as follows. First, price revision by Korean firms tends to be time‐dependent rather than state‐dependent, with a sizable dispersion across sectors and firm sizes. Second, the pattern of price revision in Korea is not significantly different from that in selected advanced economies. Third, the reason why firms favor time‐dependent price adjustments appears to be endogenous, accounted for by a number of market institution variables. Fourth, in response to shocks, Korean firms tend to wait until the next periodically scheduled revision rather than make a state‐dependent price adjustment, unless marginal costs are affected significantly by the shock, and state‐dependent revisions are often significantly delayed when they do occur.

中文翻译：

---

韩国企业的定价行为†

本文研究了韩国企业的价格修正模式，并通过提供可靠的统计估计值来校准广泛使用的宏模型的参数，从而揭示了价格粘性的原因。基于公司层面的调查数据并使用概率模型，我们确定了阻碍公司进行依赖于国家的价格调整的公司特征或市场条件。我们还估计了驱动企业进行依赖于国家的调整的因素，而不是等到三个不同的冲击因素（如需求，一般成本和汇率冲击因素）才等待下一次计划的修订。我们发现一些有趣的功能，如下所示。首先，韩国企业的价格修正往往是时间依赖性的，而不是国家依赖性的，跨部门和规模的企业之间存在相当大的差异。第二，韩国的价格调整模式与某些发达经济体的价格调整没有显着差异。第三，许多市场机构变量解释了为什么企业偏爱随时间变化的价格调整的原因似乎是内生的。第四，为应对冲击，韩国公司倾向于等到下一个定期计划的修订，而不是进行依赖于国家的价格调整，除非边际成本受到冲击的影响很大，而依赖于国家的修订通常会大大延迟发生。