We develop a framework to study the impact of idiosyncratic uncertainty on aggregate
economic outcomes. Agents learn about individual characteristics, which receive infrequent …

This paper studies the business cycle implications of sectoral heterogeneity in price rigidity
using a highly disaggregated multi-sector model. The model is estimated by the Simulated …

For a given frequency of price adjustment, monetary non-neutrality is smaller if older prices
are disproportionately more likely to change. Selection for the age of prices provides a …

Disclaimer: This presentation provides a summary of research results. The information is
being released for statistical purposes, to inform interested parties, and to encourage …

This paper investigates price rigidity in UK consumer and producer markets, by estimating
the hazard functions of price changes in microdata which are then used in macrodata …

We analyze the effects of heterogeneity in price setting behavior in time-dependent sticky
price and sticky information models characterized by quite general adjustment hazard …

I provide a microfounded theory for one of the oldest, but so far informal, explanations of
price rigidity: the kinked‐demand curve theory. Kinked‐demand curves arise when some …

This paper explores implications of nominal rigidity characterized by a non-constant hazard
function for aggregate dynamics. I derive the NKPC under an arbitrary hazard function and …

This paper compares sticky-price and sticky-information model under a more general
staggering price-setting scheme. Different to Mankiw and Reis (2002), who show that, under …

This paper systematically integrates microdata and macrodata analysis of price rigidity in
monetary economics. We explore the mechanism of price-setting using survival based …