We review recent evidence on price rigidity from the macroeconomics literature and discuss
how this evidence is used to inform macroeconomic modeling. Sluggish price adjustment is …

Global integration has increased the international linkages of financial markets for emerging
market countries. A key channel for the international transmission of inflation and economic …

This paper evaluates the role of redistribution in the transmission mechanism of monetary
policy to consumption. Three channels affect aggregate spending when winners and losers …

ABSTRACT I define and provide empirical evidence for an “International Price System” in
global trade employing data for thirty-five developed and developing countries. This price …

A large and growing share of retail prices all over the world are posted online on the
websites of retailers. This is a massive and (until recently) untapped source of retail price …

We argue that the vast bulk of movements in aggregate real economic activity during the
Great Recession were due to financial frictions. We reach this conclusion by looking through …

We survey the recent empirical and theoretical developments in the literature on the relation
between prices and exchange rates. After updating some of the major findings in the …

We document new facts about pricing technology using high-frequency data, and we
examine the implications for competition. Some online retailers employ technology that …

We develop and estimate a general equilibrium search and matching model that accounts
for key business cycle properties of macroeconomic aggregates, including labor market …

We show that after monetary policy announcements, the conditional volatility of stock market
returns rises more for firms with stickier prices than for firms with more flexible prices. This …