Analýza mzdové a cenové rigidity v České republice: sektorová analýza za roky 2005–2024

This paper examines wage and price rigidity in the Czech Republic over the period 2005 to 2024, focusing on a comparison of the manufacturing sector and the wholesale and retail trade sector. The sharp inflation episode of 2021 to 2023 raises the question of how flexibly wages and prices respond to macroeconomic shocks, and reveals that this question remains empirically underexplored for the Czech economy. The aim of the paper is to estimate the degree of rigidity in both sectors and to assess whether it differs between them. The analysis is conducted using six dynamic regression models with distributed lags estimated on quarterly data from the Czech Statistical Office and the Czech National Bank. The results suggest that wage rigidity is sectorally differentiated. In manufacturing, approximately 38 percent of the deviation in wage growth persists into the following quarter, while no rigidity is found in wholesale and retail trade. Price persistence is high in both sectors and substantially exceeds the euro area average. The pass-through of labour costs to prices within one quarter is not confirmed in any of the models. Industrial prices respond more sensitively to global commodity shocks, whereas wages adjust considerably more slowly. The paper contributes to the empirical understanding of nominal rigidities in a small open economy in Central Europe and offers a sectorally disaggregated perspective that aggregate analyses systematically obscure.