Price Stickiness: Empirical Evidence of the Menu Cost Channel
利用独特的成本和零售价格变化数据库，发现菜单成本变动导致价格上调减少多达13.3%，且仅在成本小幅上升时起作用，为菜单成本渠道提供了首个边界条件的实证证据。
A leading explanation in the economic literature is that monetary policy has real effects on the economy because firms incur a cost when changing prices. Using a unique database of cost and retail price changes, we find that variation in menu costs results in up to 13.3% fewer price increases. We confirm that these effects are allocative and have a persistent impact on both prices and unit sales. We provide evidence that the menu cost channel operates only when cost increases are small in magnitude, which is consistent with theory and provides the first empirical evidence of boundary conditions.