国际清算银行：投入价格对企业预期和决策的不对称和异质传递（英文版）

This paper studies the pass-through of input price shocks to firms’ expectations and pricing decisions using firm-level data from the Bank of Italy’s Survey on Inflation and Growth Expectations. We find a strong and asymmetric pass-through: positive input price shocks significantly raise firms’ price expectations, realised prices and shortterm inflation expectations, while negative shocks have little impact. The pass-through varies systematically with firm characteristics: it is higher for up