Models with sticky prices predict that monetary policy changes will affect relative prices and relative quantities in … the short run because some prices are more flexible than others. In U.S. micro data, the degree of price stickiness … not. Short-run responses of relative prices have the wrong sign. And monetary policy shocks seem to have persistent …

price inflation." Reset price inflation is the rate of change of all desired prices (including for goods that have not …

In the U.S. and Europe, prices change somewhere between every six months and once a year. Yet nominal macro shocks seem …

sizable movements in relative prices of substitute products. When we impose a significant degree of real rigidity, fitting the …

accounting for sales variation across merchants, across stores within retail chains, and over time for individual merchants and … stores. Customers, as opposed to transactions per customer or dollar sales per transaction, consistently account for about 80 …% of sales variation. The top 1% of growing and shrinking merchants account for about 70% of customer and sales …