超越成本：战略互补在定价中的主导作用（英）

Beyond Costs: TheDominant Role ofStrategicComplementarities inPricing Elias Albagli, Francesco Grigoli, Emiliano Luttini, DagobertoQuevedo, and Marco Rojas WP/25/164 IMF Working Papersdescribe research inprogress by the author(s) and are published toelicit comments and to encourage debate.The views expressed in IMF Working Papers arethose of the author(s) and do not necessarilyrepresent the views of the IMF, its Executive Board,or IMF management. 2025AUG IMF Working PaperResearch Department Beyond Costs:The Dominant Role of Strategic Complementarities in PricingPrepared byElias Albagli, Francesco Grigoli, Emiliano Luttini, Dagoberto Quevedo, and Marco Rojas* Authorized for distribution byAntonio SpilimbergoAugust 2025 IMF Working Papersdescribe research in progress by the author(s) and are published to elicitcomments and to encourage debate.The views expressed in IMF Working Papers are those of theauthor(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 adominant role in price setting, exerting a stronger influence than changes in marginal costs. (2) While thestrength of strategic complementarities varies across sectors, they consistently outweigh the role of costchanges. (3) In high-inflation environments, firms become more responsive to changes in the prices of theircompetitors. (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 withfewer competitors, larger market shares, and broader customer bases. These findings suggest that strategiccomplementarities---a source of real rigidities---are sizable, state-dependent, asymmetric, and shaped bymarket structure. Beyond Costs: The Dominant Role of StrategicComplementarities in Pricing∗ Elias AlbagliCentral Bank of ChileFrancesco GrigoliIMFEmiliano LuttiniWorld Bank Dagoberto QuevedoCentral Bank of ChileMarco RojasCentral Bank of Chile August 13, 2025 Abstract This paper documents five empirical facts about the role of strategic comple-mentarities in firms’ price-setting behavior, using administrative data from Chileanfirms.(1) Strategic complementarities play a dominant role in price setting, exert-ing a stronger influence than changes in marginal costs.(2) While the strength ofstrategic complementarities varies across sectors, they consistently outweigh the roleof cost changes. (3) In high-inflation environments, firms become more responsive tochanges in the prices of their competitors. (4) Firms respond more strongly to com-petitor price increases than to decreases, mirroring the ‘rockets and feathers’ phe-nomenon of costs.(5) Strategic complementarities are stronger among firms withfewer competitors, larger market shares, and broader customer bases.These find-ings suggest that strategic complementarities—a source of real rigidities—are sizable,state-dependent, asymmetric, and shaped by market structure. Keywords:Pass-through, price setting, strategic complementarities, state dependency,market structureJEL Codes:D22, E31 1Introduction A central tenet of New-Keynesian macroeconomic models is that prices adjust sluggishlyin response to changes in marginal costs. This nominal rigidity gives rise to monetarynon-neutrality and is reflected in a flatter Phillips curve. If instead prices are flexible, thesacrifice ratio is lower and monetary policy effectiveness is diminished and can becomeeven neutral (Golosov and Lucas, 2007). However, price rigidity is not only determined bythe pass-through of marginal costs. A firm’s pricing decisions are also shaped by the pric-ing behavior of its competitors (Cooper and John, 1988), and these interdependencies—referred to as strategic complementarities—have a direct effect on the slope of the Phillipscurve (Gopinath and Itskhoki, 2011; Gagliardone et al., 2023). In this respect, some stud-ies argue that monetary non-neutrality arises only when real rigidities are coupled withnominal rigidities (Klenow and Willis, 2016). But how do strategic complementarities originate? When a firm considers raising itsprice in response to an increase in marginal costs, it also takes into account how competi-tors would react. If strategic complementarities are strong, the pass-through of marginalcost increases is reduced, as firms fear losing market share if they raise prices unilater-ally. Thus, strategic complementarities can lead to a coordination problem, where firmsare reluctant to be the first to change prices, contributing to price stickiness. From a the-oretical standpoint, strategic complementarities arise in oligopolistic settings in whichthe elasticity of demand and markups are a function of the firms’ market shares (