IMF-超越成本：战略互补在定价中的主导作用（英）

Beyond Costs: The Dominant Role of Strategic Complementarities in Pricing Elias Albagli, Francesco Grigoli, Emiliano Luttini, Dagoberto Quevedo, and Marco Rojas WP/25/164IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. 2025 AUG * The views expressed in this paper are those of the authors and do not necessarily represent those of the Central Bank of Chile,the IMF, the World Bank, their Executive Boards, or their management. We thank Camila Casas, Lucyna Gornicka, RodolfoRigato, Carlos Viana de Carvalho, Pierre-Olivier Gourinchas, Damiano Sandri, Antonio Spilimbergo, and seminar participants at the Central Bank of Chile, the Central Bank of Brazil, Universidad de los Andes, and participants to the BanRep-FLAR-IMF-IMFER conference for comments and suggestions. No conflict of interest to declare. © 2025 International Monetary Fund WP/25/164IMF Working Paper Research Department Beyond Costs: The Dominant Role of Strategic Complementarities in Pricing Prepared by Elias Albagli, Francesco Grigoli, Emiliano Luttini, Dagoberto Quevedo, and Marco Rojas* Authorized for distribution by Antonio Spilimbergo August 2025 IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management. ABSTRACT: This paper documents five empirical facts about the role of strategic complementarities in firms’ price-setting behavior, using administrative data from Chilean firms. (1) Strategic complementarities play a dominant role in price setting, exerting a stronger influence than changes in marginal costs. (2) While the strength of strategic complementarities varies across sectors, they consistently outweigh the role of cost changes. (3) In high-inflation environments, firms become more responsive to changes in the prices of their competitors. (4) Firms respond more strongly to competitor price increases than to decreases, mirroring the `rockets and feathers' phenomenon of costs. (5) Strategic complementarities are stronger among firms with fewer competitors, larger market shares, and broader customer bases. These findings suggest that strategic complementarities---a source of real rigidities---are sizable, state-dependent, asymmetric, and shaped by market structure. JEL Classification Numbers: D22, E31 Keywords: Pass-through; price setting; strategic complementarities; state dependency; market structure Author’s E-Mail Address: ealbagli@bcentral.cl; fgrigoli@imf.org; eluttini@worldbank.org; dquevedo@bcentral.cl; mrojaso@bcentral.cl Beyond Costs: The Dominant Role of StrategicComplementarities in Pricing∗Elias Alba