Five Facts about Prices: A Reevaluation of Menu Cost Models

By Emi Nakamura, Jón Steinsson. 2008

1,772 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b4989b5a019dfe54fe083176cdfaa775f7bffa46

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In Economics and Econometrics

Citations in the corpus

Understanding the Gains from Wage Flexibility: The Exchange Rate Connection (2016, background): “Recent research on the consequences of wage rigidity in currency unions can be found Schmitt-Grohe and Uribe (2012) and Farhi et al.”
Fiscal Stimulus with Spending Reversals (2009, neutral): “We assume that ξP = 0.75, implying an average price duration of four quarters—within the range of values discussed, for example, by Nakamura and Steinsson (2008), if somewhat toward the higher end.”
Exposure to Daily Price Changes and Inflation Expectations (2019, positive): “House-price expectations are also a central driver of household-level investment choices—housing is typically the largest asset homeowner US households own—as well as aggregate business cycles through variation in observed house-price booms and busts (Piazzesi and Schneider (2009) and Glaeser and Na”
Scraped Data and Sticky Prices (2016, methodology): “In particular, I use a V-shaped sale algorithm used by Nakamura and Steinsson (2008) and others in the literature.”
Inflation Dynamics During the Financial Crisis (2015, neutral): “…by πj,k,t—is given by the weighted monthly average price changes of goods produced by each firm, after filtering out monthly industry-level (2-digit 3The PPI data are described at length for example in Nakamura and Steinsson (2008), Bhattarai and Schoenle (2010) and Goldberg and Hellerstein (2009).”
The Timing of Monetary Policy Shocks (2007, neutral): “27 See Jeffrey Fuhrer (2000) for a thorough explanation of habit formation in consumption as represented in this”
Prices and Supply Disruptions during Natural Disasters (2014, neutral): “This paper is part of a large empirical literature on price stickiness, with papers such as Bils and Klenow (2004), Nakamura and Steinsson (2008), Lach and Tsiddon (1996), Kashyap (1995), Levy et al. (1997), and Blinder et al. (1998).”
Business Cycles and Endogenous Uncertainty (2011, background): “In both CPI and scanner data, it is well-known that prices are constant for months at a time, with the median price duration exceeding six months, depending on the treatment of sales, and the hazard rate of a price change is declining with price duration (Nakamura and Steinsson 2008), even, cruciall”
Is The Phillips Curve Alive and Well After All? Inflation Expectations and the Missing Disinflation (2013, background): “15 Nakamura and Steinsson (2008) report that the frequency of price changes has been somewhat decreasing over time.”