During Peter Drucker's talk entitled "The Organization in Transition – Are the Traditional Functions Obsolete?" he discusses functions that remain centers of specialized knowledge and training, but cease to constitute the organizational base of the work itself. During his lecture, he talks...

We test the menu cost model of Ball and Mankiw (1994, 1995) on data from the inflation and deflation periods in Japan and Hong Kong. We calculate the moments of the distribution of price changes using a random split procedure to overcome the bias noted by Cecchetti and Bryan (1999). The key...

We test the menu cost model of Ball and Mankiw (1994, 1995), which implies that the impact of price dispersion on inflation should differ between inflation and deflation episodes, using data for Japan and Hong Kong. We use a random crosssection sample split when calculating the moments of the...