choice of lower-quality products dominates the price distortion effect resulting from credit constraints. However, a … competing theory based on the alternative assumption that quality is exogenous across firms would predict completely opposite …

2018. We first show that both markets are not perfectly competitive, as both price markups and wage markdowns are far from …

allocative efficiency because firms pass-through measured productivity gains into markups. From industry-year variation, there is …

endogenous international price movements that are consistent with both the "old" and the "new" facts. In this mechanism, firms … operating in a monopolistically competitive environment adjust price and quality of their products in response to technological … shocks. This model is consistent with the old facts if price levels are not adjusted for quality. Instead, if quality …

Though built with increasingly precise microfoundations, modern optimizing sticky price models have displayed a chronic … [2000]. This is an ironic finding, since Taylor [1980] and other researchers were motivated to study sticky price models in … standard view of the cyclical behavior of real marginal cost built into current sticky price macro models. Using both a small …

Though built with increasingly precise microfoundations, modern optimizing sticky price models have displayed a chronic … [2000]. This is an ironic finding, since Taylor [1980] and other researchers were motivated to study sticky price models in … standard view of the cyclical behavior of real marginal cost built into current sticky price macro models. Using both a small …