Microeconomic Evidence on Price-Setting
---- Acknowledgments ----
Prepared for the Handbook of Monetary Economics (Benjamin Friedman and Michael Woodford, editors). This research was conducted with restricted access to U.S. Bureau of Labor Statistics (BLS) data. Rob McClelland provided us invaluable assistance and guidance in using BLS data. We thank Margaret Lay and Krishna Rao for excellent research assistance. We are grateful to Luis J. Álvarez, Mark Bils, Marty Eichenbaum, Etienne Gagnon, Emi Nakamura, Martin Schneider, Frank Smets, Jón Steinsson, and Michael Woodford for helpful suggestions. The views expressed here are those of the authors and do not necessarily reflect the views of the BLS, the Federal Reserve System, or the National Bureau of Economic Research.