Saroj Bhattarai1
Oleksiy Kryvtsov1
Virgiliu Midrigan1
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We document the presence of both small and large price changes in individual price records from the CPI in France and the US. After correcting for measurement error and cross-section heterogeneity, the size-distribution of price changes has a positive excess kurtosis. We propose an analytical menu cost model that encompasses several classic accounts for(More)
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