How Frequent Are Small Price Changes?
利用超市扫描数据和消费者价格指数微观数据，发现大多数小价格变动源于测量误差，因此不能作为检验名义刚性模型的依据。
Recent empirical work suggests that small price changes are relatively common. This evidence has been used to criticize classic menu-cost models. In this paper, we use scanner data from a national supermarket chain and micro data from the Consumer Price Index 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 the evidence on the prevalence of small price changes is much too weak to be used as a litmus test of nominal rigidity models.