This chapter reviews the role of temporary price and wage rigidities in explaining of the
dynamic relationship between money, real output, and inflation. The key properties to be …

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 …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

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 …

A key policy question is: how high an inflation rate should central banks target? This
depends crucially on the costs of inflation. An important concern is that high inflation will …

This paper develops a model of a monetary economy in which individual firms are subject to
idiosyncratic productivity shocks as well as general inflation. Sellers can change price only …

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 …

This paper discusses links between policy settings, institutions and economic growth in
OECD countries on the basis of cross-country time-series regressions. The econometric …

This book presents a theory of the firm based on its economic role as an intermediary
between customers and suppliers. Professor Spulber demonstrates how the intermediation …

We use store-level data to document the exact process of changing prices and to directly
measure menu costs at five multistore supermarket chains. We show that changing prices in …