NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Optimal price setting with observation and menu costs

Fernando E. Alvarez, Francesco Lippi, Luigi Paciello

NBER Working Paper No. 15852
Issued in March 2010

---- Acknowledgements -----

We gratefully acknowledge the support with the data received by Herve' Le Bihan and Laurent Clerc (Banque de France), Katherine Neiss, Miles Parker and Simon Price (Bank of England), Silvia Fabiani and Roberto Sabbatini (Bank of Italy), Ignacio Hernando (Bank of Spain), Heinz Herrmann and Harald Stahl (Bundesbank). Alvarez and Lippi thank the Banque de France for financial support. We thank seminar participants at the EIEF, Federal Reserve Bank of Chicago, the University of Amsterdam, the University of Bologna, Stanford University, UC Berkeley, Yale, MIT and UCLA. We thank Manuel Amador, Marios Angeletos, Andy Atkeson, Gadi Barlevy, Ricardo Caballero, Matteo Cervellati, Wouter den Haan, Eduardo Engel, Mike Golosov, Yuriy Gorodnichenko, Pierre Olivier Gourinchas, Bob Hall, Christian Hellwig, Anil Kayshap, David Levine, Giuseppe Moscarini, Mauri Obstfeld, Rob Shimer, Oleg Tsyvinski, Harald Uhlig, Ivan Werning, Mirko Wiederholt for their comments. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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