@techreport{NBERw17956,
 title = "How Frequent Are Small Price Changes?",
 author = "Martin S. Eichenbaum and Nir Jaimovich and Sergio Rebelo and Josephine Smith",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "17956",
 year = "2012",
 month = "March",
 URL = "http://www.nber.org/papers/w17956",
 abstract = {Recent empirical work suggests that small price changes are relatively common. These findings have been used to evaluate competing theories of nominal price rigidities. In this paper we use micro data from the consumer price index and a scanner data set from a national supermarket chain to reassess the importance of small price changes. We argue that the vast majority of these changes are due to measurement error. We conclude that small price changes are too small a phenomenon for macro modelers to be concerned with.},
}