Preliminaries -- and Overview -- Demand Theory Under Review -- Quantile Regression: A Robust Alternative to Least Squares -- Analyses of Data from BLS Consumer Expenditure Surveys -- Description of Data Used from the Ongoing BLS Consumer Expenditure Surveys -- Stability of U.S. Consumption...

We develop a simple menu-cost model with non-constant elasticity of demand that features idiosyncratic productivity and demand shocks. The model is calibrated to match firm-level productivity and demand processes estimated from U.S. data. Despite its simplicity, the calibrated model delivers...