processes in the two sectors. Restrictions from this model are used with data on wages and prices to construct measures of …

, our results indicate that the share of firms that change prices each quarter is just over 60 percent, broadly in line with … gathering/processing costs, we find that most firms that change prices are rule-of-thumb price setters. Finally, compared to …

findings of excess sensitivity of consumption and asset prices to new information. …

Data on international relative prices from industrialized countries show large and systematic deviations from relative … international relative prices. We find that when our model is parameterized to match salient features of the data on international …

productivity" channel. The relative price channel results from changes in the relative prices of aggregates, such as investment vis …

volatility of prices implied by the present-value model. This finding suggests that specifying risk neutrality may induce a bias …" (or "ex post rational") stock prices. Consequently, while high risk aversion implies high volatility in some settings, it …

relative prices in microeconomic data is much faster. This paper finds that adjustment to the law of one price in disaggregated … qualitatively distinct process, working through adjustment in local-currency goods prices. These distinct adjustment dynamics appear … nesting aggregate and disaggregated relative prices permits identification of distinct macroeconomic and good-specific shocks …