Abstract

SANCHEZ-ROMEU, Paula  and  RATTIA LIMA, Ernesto. Estrategias de ajuste ante choques hipotéticos de oferta y demanda. Resultados de una encuesta a empresas mexicanas. El trimestre econ [online]. 2015, vol.82, n.327, pp.617-674. ISSN 2448-718X.

This paper analyzes the adjustment strategies to face hypothetical supply and demand shocks used by 1 138 Mexican firms surveyed by Banco de México in 2012. The results of the analysis show that the response of firms to both types of shocks is not symmetrical in general, and that firms react to these shocks combining adjustment strategies (mostly choosing to reduce costs) to smooth the pass-through to prices and production. Stronger competition makes firms use the adjustment strategies more intensively, and it encourages price flexibility. For all shocks, the costs more likely to be reduced are non-labor costs, followed by temporary employment. A high degree of competition and a high labor share make the passthrough of shocks to employment stronger. On the other hand, collective wage agreements smooth this pass-through. No pass-through of shocks to wages is observed, which combined with a low observed incidence of reducing base salaries shows nominal wage rigidity in the firms surveyed.

Keywords : encuesta a empresas; ajuste de precios; costos; salarios y empleo; choques de oferta y demanda; competencia; Wage Dynamics Network (WDN).