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Optimal Price Setting with Observation and Menu Costs
We study the price setting problem of a firm in the presence of both observation and menu costs. In this problem the firm optimally decides when to collect costly information on the adequacy of itsExpand
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Exogenous Information, Endogenous Information and Optimal Monetary Policy
This article studies optimal monetary policy when decision-makers in firms choose how much attention they devote to aggregate conditions. When the amount of attention that decision-makers in firmsExpand
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Monetary Policy, Doubts and Asset Prices
Asset prices and the equity premium might reflect doubts and pessimism. Introducing these features in an otherwise standard New-Keynesian model changes in a quite substantial way the nature of theExpand
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The Response of Prices to Technology and Monetary Policy Shocks under Rational Inattention
The speed of inflation adjustment to aggregate technology shocks is substantially larger than to monetary policy shocks. Prices adjust very quickly to technology shocks, while they only respondExpand
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Monetary Policy and Price Responsiveness to Aggregate Shocks under Rational Inattention
This paper studies a general equilibrium model that is consistent with recent empirical evidence showing that the U.S. price level and in‡ation are much more responsive to aggregate technology shocksExpand
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Monetary Shocks in Models with Inattentive Producers
We study models where prices respond slowly to shocks because firms are rationally inattentive. Producers must pay a cost to observe the determinants of the current profit maximizing price, and henceExpand
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Phillips curves with observation and menu costs
We compute the response of output to a monetary shock in a general equilibrium model in which firms set prices subject to a menu cost as well a costly observation of the state. We consider economiesExpand
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Ambiguous Policy Announcements
We study the effects of monetary policy announcements in a New Keynesian model, where ambiguity-averse households with heterogenous net financial wealth use a worst-case criterion to assess theExpand
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Price Dynamics with Customer Markets
We study a tractable model of firm price setting with customer markets and empirically evaluate its predictions. Our framework captures the dynamics of customers in response to a change in the price,Expand
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Price Dynamics with Customer Markets
Using microdata from a U.S. retailer we document that customer turnover responds to pricing. We study the optimal price setting of a firm when its demand has an extensive margin that is elastic toExpand
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