Using CPI microdata for 11 euro area countries over 2010–2019, we document new findings
on consumer price rigidity in the euro area:(i) the average frequency of price changes is 12 …

We give a full analytic characterization of a large class of sticky-price models where the
firm's price-setting behavior is described by a generalized hazard function. Such a function …

Using CPI micro data for 11 euro area countries, covering 60% of the European
consumption basket over the period 2010-2019, we document new findings on consumer …

In a broad class of sticky-price models, theory predicts that the kurtosis-to-frequency ratio of
price changes is a sufficient statistic for the cumulative impulse response of prices (CIRP) to …

In a broad class of sticky-price models, the non-neutrality of nominal shocks is captured by a
simple sufficient statistic: the ratio of the kurtosis of the price change distribution over the …

We analyze the role of exchange rates and uncertainty for inflation and price-setting
behavior. To this end, we exploit micro-level data underlying the Consumer Price Index of …

The flexibility of the aggregate price level affects the ability of monetary policy to stabilize
business cycles. Monetary policy can be ineffective even if only few prices adjust, as long as …

We study a unique dataset with comprehensive coverage of daily prices in large multi-
product retailers in Israel. Retail stores synchronise price changes around occasional …

We use microdata to estimate the strength of price selection-a key metric for the effect of
monetary policy on the real economy. We propose a product-level proxy for mispricing and …

We review models of nominal price adjustment based on optimizing or near-optimal
behavior, including menu cost models, generalized hazard function models and models of …