We study cost-price dynamics in normal times and during inflation surges. Using microdata on firms' prices and production costs we construct an empirical measure of price gaps--the deviation between a firm's listed and optimal price. We then examine the mapping between gaps and price changes in...

We use a unique high-frequency micro-dataset to estimate the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the relevant real activity variable. Our dataset encompasses product-level prices, costs, and output within the Belgian manufacturing...

Since 1990, London’s SEAQ International attracts considerable trading volume in Belgian equities. This paper uses transaction, quotation and limit order book data to investigate competition between the Brussels CATS market and SEAQ International. It focuses in more detail on the liquidity...