This paper surveys research on the welfare cost of inflation. New estimates are provided,
based on US time series for 1900–94, interpreted in a variety of ways. It is estimated that the …

We review recent evidence on price rigidity from the macroeconomics literature and discuss
how this evidence is used to inform macroeconomic modeling. Sluggish price adjustment is …

The book takes a broad view of the subject matter of acroeconomics. A substantial portion of
the book is devoted to economic growth, and separate chapters are devoted to the natural …

The new edition of a comprehensive treatment of monetary economics, including the first
extensive coverage of the effective lower bound on nominal interest rates. This textbook …

Macroeconomics is moving toward a New Neoclassical Synthesis, which like the synthesis
of the 1960s melds classical with Keynesian ideas. This paper describes the key features of …

This paper develops a model of a monetary economy in which individual firms are subject to
idiosyncratic productivity shocks as well as general inflation. Sellers can change price only …

Why do consumer prices and wages adjust so slowly to changes in market conditions? The
rigidity or stickiness of price setting in business is central to Keynesian economic theory and …

Trucks and Things That Go. 1 Think about what that book would have looked like in
sequential decades of the last century had Richard Scarry been alive in each of them to …

In the 1988–2004 microdata collected by the US Bureau of Labor Statistics for the Consumer
Price Index, price changes are frequent (every 4–7 months, depending on the treatment of …

This paper considers a possible explanation for asymmetric adjustment of nominal prices.
We present a menu-cost model in which positive trend inflation causes firms' relative prices …