NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Cyclicality of Sales, Regular and Effective Prices: Business Cycle and Policy Implications

Olivier Coibion, Yuriy Gorodnichenko, Gee Hee Hong

NBER Working Paper No. 18273
Issued in August 2012

---- Acknowledgements -----

We are grateful to Yury Yatsynovich for excellent research assistance, Martin Eichenbaum and seminar participants at UC Berkeley, NBER Summer Institute, New Economic School, Zurich University, and Central European University for helpful comments. This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF, IMF policy, or the National Bureau of Economic Research. Gorodnichenko thanks NSF for financial support.

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