• Publications
  • Influence
Real Rigidities and Nominal Price Changes
A large literature seeks to provide microfoundations of price setting for macro models. A challenge has been to develop a model in which monetary policy shocks have the highly persistent effects onExpand
  • 166
  • 21
  • PDF
Search frictions: Matching aggregate and establishment observations
Abstract We estimate a search model to match hours, employment, vacancies and unemployment at the micro- and macrolevels. We establish a set of facts concerning the variability of unemployment andExpand
  • 132
  • 21
  • PDF
Dynamics of Labor Demand: Evidence from Plant-Level Observations and Aggregate Implications
This paper studies the dynamics of labor demand at the plant and aggregate levels. The correlation of hours and employment growth is negative at the plant level and positive in aggregate time series.Expand
  • 123
  • 11
  • PDF
Estimation of Adjustment Costs in a Model of State-Dependent Pricing
This paper provides a framework for direct analysis of the underlying price adjustment costs in an industry. A dynamic programming problem is specified for monopolistically competitive firms thatExpand
  • 45
  • 9
  • PDF
Sticky Information and Sticky Prices
In the U.S. and Europe, prices change somewhere between every six months and once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. "Sticky information" models,Expand
  • 140
  • 8
  • PDF
The Cost of Labor Adjustment: Inferences from the Gap
We study labor adjustment costs. We specify a dynamic optimization problem at the plant-level, allowing for both convex and non-convex adjustment costs. We estimate the parameters of the adjustmentExpand
  • 88
  • 8
  • PDF
New Exporter Dynamics
of being an exporting firm falls dramatically. As a result, the entry costs needed to account for the data are 8 times smaller than the value in the benchmark model.
  • 117
  • 8
  • PDF
Implications of Search Frictions: Matching Aggregate and Establishment-Level Observations
This paper studies hours, employment, vacancies and unemployment at micro and macro levels. It is built around a set of facts concerning the variability of unemployment and vacancies in the aggregateExpand
  • 25
  • 7
  • PDF
What Impact Will E-Commerce Have on the U.S. Economy?
In recent years, e-commerce has emerged as the fastest growing sector of the U.S. marketplace. Despite the contraction in the high-tech industry during the recent recession, firms have continued toExpand
  • 28
  • 5
  • PDF
Implications of structural changes in the U.S. economy for pricing behavior and inflation dynamics
Some key features of the behavior of inflation in the United States appear to have changed in the past 20 years, with potentially important implications for forecasters and policymakers. RecentExpand
  • 52
  • 5
  • PDF
...
1
2
3
4
5
...