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 …

This paper studies the economic impacts of carbon pricing. Exploiting institutional features of
the European carbon market and high-frequency data, I document that a tighter carbon …

The aim of this paper is to analyse the effects of the implementation of the Internal Market
Programme and to propose ideas on how its potential can be better exploited. First, the …

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 establish five facts about prices in the US economy:(1) For consumer prices, the median
frequency of nonsale price change is roughly half of what it is including sales (9–12% per …

This paper studies the dynamic behavior of an economy under different environmental
policy regimes in a New Keynesian model with nominal and real uncertainty. We find the …

The last decade has seen a burst of micro price studies. Many studies analyze data
underlying national CPIs and PPIs. Others focus on more granular subnational grocery store …

The worldwide progress in monetary policy is a great achievement and, especially
considering the situation 30 years ago, a remarkable success story. I describe how the world …

In this paper, I review the literature on the formulation and estimation of dynamic stochastic
general equilibrium (DSGE) models with a special emphasis on Bayesian methods. First, I …

Empirical evidence suggests that as much as one-third of the US business cycle is due to
nominal shocks. We calibrate a multisector menu cost model using new evidence on the …