sectors. On average, 12% of consumer prices change each month, falling to 8.5% when sales prices are excluded. The frequency … of producer price adjustment is greater (25%), reflecting that the prices of intermediate goods and energy are more … flexible. For both consumer and producer prices, cross-sectoral heterogeneity is more pronounced than cross …

Using data on product-level prices matched to the producing firm's unit labor cost, we reject the hypothesis of a full … setting prices with a sum of coefficients not significantly different from unity. -- Price Setting ; business Cycles …

Using data on product-level prices matched to the producing firm's unit labor cost, we reject the hyptothesis of a full … setting prices with a sum of coefficients not significantly different from unity. -- Price Setting ; Business Cycles …

We review the recent literature that studies new, detailed micro data on prices. We discuss implications of the new … simple mapping from the frequency of price changes in micro data to impulse responses of prices and quantities to shocks. We …

alternative rules of thumb. In the model, firms must set their prices in face of aggregate demand shocks. Their payoff depends on …

How rigid are producer prices? A longstanding conventional wisdom among economists holds that producer prices are more … rigid than, and so play less of an allocative role than do, consumer prices. In the 1987-2008 microdata collected by the U ….S. Bureau of Labor Statistics for the producer price index (PPI), we find that producer prices for finished goods and services …

constraints that firms face when adjusting prices. Using new empirical and theoretical results, I argue that each firm's choice of … how much information to acquire to set prices plays a central role in determining the patterns of pricing at the product … prices. Firms are heterogeneous in the complexity and duration of their pricing policies, and this heterogeneity is reflected …

absolute size of price changes observed in micro data, prices react fast and by large amounts to idiosyncratic shocks, but … prices react only slowly and by small amounts to nominal shocks. Nominal shocks have strong and persistent real effects. We … use the model to investigate how the optimal allocation of attention and the dynamics of prices depend on the firms …

We review the recent literature that studies new, detailed micro data on prices. We discuss implications of the new … simple mapping from the frequency of price changes in micro data to impulse responses of prices and quantities to shocks. We …