We empirically document, using US import prices, that on average goods with a high
frequency of price adjustment have a long-run pass-through that is at least twice as high as …

Real rigidities can help to generate persistent effects of monetary policy shocks. We analyse
an industry equilibrium model with two types of real rigidities: a 'micro'real rigidity from a …

ABSTRACT I study a general equilibrium menu cost model with a continuum of sectors,
idiosyncratic and aggregate shocks, and the novel feature that each sector consists of …

We propose a resolution of the missing deflation puzzle. Our resolution stresses the
importance of nonlinearities in price-and wage-setting when the economy is exposed to …

A resolution of the missing deflation puzzle is proposed. Our resolution stresses the
importance of nonlinearities in price-and wage-setting when the economy is exposed to …

We develop and estimate an open economy New Keynesian Phillips Curve (NKPC) in which
variable demand elasticities give rise to movements in desired markups in response to …

We propose a new theory of price rigidity based on firms' Knightian uncertainty about their
competitive environment. This uncertainty has two key implications. First, firms learn about …

High degrees of demand-side real rigidities are able to generate the large monetary non-
neutrality found in aggregate data. This paper provides micro-based evidence on the key …

Pricing complementarities play a key role in determining the propagation of monetary
disturbances in sticky price models. We propose a procedure to infer the degree of firm-level …

This paper assesses whether partial exchange-rate pass-through to trade prices has
important implications for the prospective adjustment of global external imbalances. To …