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Replication data for: Menu Costs, Aggregate Fluctuations, and Large Shocks

Version
1
Resource Type
Dataset
Creator
  • Karadi, Peter
  • Reiff, Adam
Publication Date
2019-07-01
Description
  • Abstract

    We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is consistent with these observations. The model predicts a flexible price-level response to standard monetary policy shocks because it anticipates a large number of firms on the verge of price adjustment and far from their optimal prices when the shock hits.
Availability
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Relations
  • Is supplement to
    DOI: 10.1257/mac.20160054 (Text)
Publications
  • Karadi, Peter, and Adam Reiff. “Menu Costs, Aggregate Fluctuations, and Large Shocks.” American Economic Journal: Macroeconomics 11, no. 3 (July 2019): 111–46. https://doi.org/10.1257/mac.20160054.
    • ID: 10.1257/mac.20160054 (DOI)

Update Metadata: 2020-05-18 | Issue Number: 2 | Registration Date: 2019-12-07

Karadi, Peter; Reiff, Adam (2019): Replication data for: Menu Costs, Aggregate Fluctuations, and Large Shocks. Version: 1. ICPSR - Interuniversity Consortium for Political and Social Research. Dataset. https://doi.org/10.3886/E116411V1