Are Sticky Prices Costly? Evidence From The Stock Market
---- Acknowledgments ----
This research was conducted with restricted access to the Bureau of Labor Statistics (BLS) data. The views expressed here are those of the authors and do not necessarily reflect the views of the BLS. We thank our project coordinator at the BLS, Ryan Ogden, for help with the data and Emi Nakamura and Jon Steinsson for making their data available to us. We thank Francesco D'Acunto, Nicolae Garleanu, Hanno Lustig, Martin Lettau, Matteo Maggiori, Adair Morse, Marcus Opp and especially Olivier Coibion for valuable comments. We gratefully acknowledge financial support from the Coleman Fung Risk Management Research Center at UC Berkeley. Gorodnichenko also thanks NSF for financial support. Weber also thanks the Minder Cheng fellowship and the UC Berkeley Institute for Business and Economic Research for financial support. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.