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Price Rigidity and the Origins of Aggregate Fluctuations

Ernesto Pasten, Raphael Schoenle, Michael Weber

NBER Working Paper No. 23750
Issued in August 2017, Revised in August 2018

---- Acknowledgments ----

We thank Klaus Adam, Susanto Basu, Ben Bernanke, Francesco Bianchi, Saki Bigio, Carlos Carvalho, Stephen Cecchetti, John Cochrane, Eduardo Engel, Xavier Gabaix, Gita Gopinath, Yuriy Gorodnichenko, Pierre-Olivier Gourinchas, Basile Grassi, Josh Hausman, Hugo Hopenhayn, Pete Klenow, Jennifer La'O, Brent Neiman, Valerie Ramey, Helene Rey, Alireza Tahbaz-Salehi, Harald Uhlig, and conference and seminar participants at ASU, Banque de France, Berkeley, Boston Fed, CEMFI, Central Bank of Chile, European Central Bank, the 2017 LSE Workshop on Networks in Macro and Finance, the NBER Monetary Economics 2017 Spring Meeting, Maryland, NY Fed, Oxford, PUC-Chile, PUC-Rio, Richmond Fed, UCLA, Stanford, Toulouse, UChile-Econ, UVA, and the 2016 SED Meeting. Pasten is grateful for the support of the Universite de Toulouse Capitole during his stays in Toulouse. The contributions by Michael Weber to this paper have been prepared under the 2016 Lamfalussy Fellowship Program sponsored by the European Central Bank. Any views expressed are only those of the authors and do not necessarily represent the views of the ECB or the Eurosystem or the Central Bank of Chile. Weber also thanks the Fama-Miller Center at the University of Chicago Booth School of Business for financial support. We also thank Jose Miguel Alvarado, Will Cassidy, Matt Klepacz, Stephen Lamb, and Michael Munsell for excellent

research assistance. 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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