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This study investigates the price-setting behavior of Turkish industries based on the results of a survey that was conducted by the Central Bank of the Republic of Turkey. The results show that, under normal conditions, the majority of the firms follow a timedependent pricing rule but when significant events occur a substantial fraction of them alter their behavior to state-dependent reviewing. The median Turkish firm reviews its prices every month, but changes its prices four times a year. Price reviews and changes are affected by: the market share, price discrimination, customer type, firm size, and the existence of regulated prices.

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Price stickiness, Price duration, Panel data, C33, D40, E31,

No abstract