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This paper presents original evidence on price setting in the euro area at the individual level. We use micro data on consumer (CPI) and producer (PPI) prices, as well as survey information. Our main findings are: (i) prices in the euro area are sticky and more so than in the US; (ii) there is evidence of heterogeneity and of asymmetries in price setting behaviour; (iii) downward price rigidity is only slightly more marked than upward price rigidity and (iv) implicit or explicit contracts and coordination failure theories are important, whereas menu or information costs are judged much less relevant by firms.

Air pollution is the leading cause of the global burden of disease from the environment, entailing substantial economic consequences. International shipping is a significant source of NOx, SO2, CO and PM, which can cause known negative health impacts. Thus, this study aimed to estimate the health impacts and the associated external costs of ship-related air pollution in the Iberian Peninsula for 2015. Moreover, the impact of CAP2020 regulations on 2015 emissions was studied. Log-linear functions based on WHO-HRAPIE relative risks for PM2.5 and NO2 all-cause mortality and morbidity health end-points, and integrated exposure-response functions for PM2.5 cause-specific mortality, were used to calculate the excess burden of disease. The number of deaths and years of life lost (YLL) due to NO2 ship-related emissions was similar to those of PM2.5 ship-related emissions. Estimated all-cause premature deaths attributable to PM2.5 ship-related emissions represented an average increase of 7.7% for the Iberian Peninsula when compared to the scenario without shipping contribution. Costs of around 9 100 million euro yr-1 (for value of statistical life approach - VSL) and 1 825 million euro yr(-1) (for value of life year approach - VOLY) were estimated for PM and NO2 all-cause burden of disease. For PM2.5 cause-specific mortality, a cost of around 3 475 million euro yr(-1) (for VSL approach) and 851 million euro yr(-1) (for VOLY approach) were estimated. Costs due to PM and NO2 all-cause burden represented around 0.72% and 0.15% of the Iberian Peninsula gross domestic product in 2015, respectively for VSL and VOLY approaches. For PM2.5 cause-specific mortality, costs represented around 0.28% and 0.06%, respectively, for VSL and VOLY approaches. If CAP2020 regulations had been applied in 2015, around 50% and 30% respectively of PM2.5 and NO2 ship-related mortality would been avoided. These results show that air pollution from ships has a considerable impact on health and associated costs affecting the Iberian Peninsula. ; This work was financially supported by: project UIDB/00511/2020 of the Laboratory for Process Engineering, Environment, Biotechnology and Energy - LEPABE-funded by national funds through the FCT/MCTES (PIDDAC) and project EMISSHIP PTDC/CTAAMB/32201/2017, funded by FEDER funds through COMPETE2020 - Programa Oper-acional Competitividade e Internacionalizacao (POCI) and by national funds (PIDDAC) through FCT/MCTES. Rafael A.O. Nunes thanks the individual research grant SFRH/BD/146159/2019, funded by the Por-tuguese Foundation for Science and Technology (FCT) . Sofia I.V. Sousathanks the Portuguese Foundation for Science and Technology (FCT) for the financial support of her work contract through the Scientific Employment Stimulus-Individual Call CEECIND/02477/2017. Dr Jalkanen would like to acknowledge the financial support from the European Union's Horizon2020 research and innovation programme under grant agreement #874990 (EMERGE project) . This work reflects only the authors' view and INEA is not responsible for any use that may be made of the information it contains.