Comment on "Individual Price Adjustment along the Extensive Margin"

Anil K Kashyap

Chapter in NBER book NBER Macroeconomics Annual 2012, Volume 27 (2013), Daron Acemoglu, Jonathan Parker, and Michael Woodford, editors (p. 293 - 307)
Conference held April 20-21, 2012
Published in May 2013 by University of Chicago Press
© 2013 by the National Bureau of Economic Research
in NBER Book Series NBER Macroeconomics Annual

---- Acknowledgements ----

I thank the National Science Foundation for a grant administered by the NBER and the Chicago Booth Initiative on Global Markets and Center for Research on Securities Prices for research support in preparing this document. I benefited greatly from conversations with Judy Chevalier and Günter Hitsch about these issues and from research assistance by Cecilia Gamba and Conor Devitt. Information on my outside compensated activities can be found at . As a condition of use, SymphonyIRI reviews all papers using their data to check that the data are not described in a misleading fashion. However, all analyses in this paper based on SymphonyIRI Group, Inc. data are my own work, not SymphonyIRI Group, Inc.'s and all other errors herein are also my own.

---- Disclosure of Financial Relationships for Anil K Kashyap ----

Anil K Kashyap’s Information on Non-Teaching Compensated Activities: 2007 through 2011 (excludes honoraria less than $1500).


Einaudi Institute of Economics and Finance, 2007 – present

Federal Reserve Bank of Chicago, 1991—present

Federal Reserve Bank of New York 2008, 2011

The Bank of Canada, 2011

Cabinet Office of the Government of Japan, 2007 – 2010

National Bureau of Economic Research, Working Group on “The Functioning of Financial Firms and the Resolution of their Distress,” 2009–2010.

Federal Reserve Bank of Boston 2008

Reserve Bank of Australia 2008

Drake Management 2007

Sponsored research

National Science Foundation through a grant administered through the National Bureau of Economic Research (with Judith Chevalier), Strategic Shoppers and Price Dynamics.

National Institute for Research Advancement, “Policy Options for Japan’s Revival” (with Takeo Hoshi), in progress.

“Stressed Out: Macroprudential Principles for Stress Testing” (with David Grennlaw, Kermit Schoenholtz, and Hyun Song Shin), the U.S. Monetary Policy Forum Report No. 5, 2012, Initiative on Global Markets, University of Chicago Booth School of Business.

“The Macroprudential Toolkit”, (with Richard Berner and Charles A.E. Goodhart), IMF Economic Review, 2011, 59(2), pp 145-161.

Federal Reserve Bank of San Francisco: “Comments on ‘The Financial Crisis and Global Policy Reforms’ by Barry Eichengreen” forthcoming in Asia and the Global Financial Crisis, Federal Reserve Bank of San Francisco, San Francisco.

National Institute for Research Advancement: “Why Did Japan Stop Growing” (with Takeo Hoshi), December 2010.

The Clearing House Association, “An Analysis of the Impact of “Substantially Heightened” Capital Requirements on Large Financial Institutions” (with Samuel G. Hanson and Jeremy C. Stein), May 2010.

National Bureau of Economic Research: “A New Metric for Banking Integration in Europe” (with Reint Gropp), 2010, in Europe and the Euro, Alberto Alesina and Francesco Giavazzi eds, University of Chicago Press, pp. 219-246.

Central Bank of Finland: External Review of Research Department (with Matti Pohjola and Volker Wieland), December 2009. Available at (report at

Central Bank of Argentina: “Is a less pro-cyclical financial system an achievable goal? Lessons for domestic and global financial regulation” 2009 in Lessons and Challenges for Emerging Countries during the Crisis, Banco Central de la Republica Argentina, Argentina.

Federal Reserve Bank of Kansas City: “Rethinking Capital Regulation” (with Raghuram Rajan and Jeremy Stein), 2008, in Federal Reserve Bank of Kansas City Symposium on Maintaining Stability in a Changing Financial System, pp. 431-471, Federal Reserve Bank of Kansas City, Kansas City.

University of Chicago: “Leveraged Losses: Lessons from the Mortgage Market Meltdown” (with David Greenlaw, Jan Hatzius, and Hyun Shin), 2008, U.S. Monetary Policy Forum Report No. 2, Rosenberg Institute, Brandeis International Business School and Initiative on Global Markets, University of Chicago Graduate School of Business.


Institutional Investor, 2011.

Handlesbanken Capital Market Group, 2010.

Keynote address at 2010 IEFA The 8th NTU International Conference on Economics, Finance and Accounting - Bank Regulation and Financial Development, 2010.

State Farm Insurance, 2010.

Advantage Futures, 2009.

Ernst & Young and the Centre for European Economic Research (ZEW), 2008.

Citigroup Global Markets, 2007

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