The Cross-Sectional Distribution of Price Stickiness Implied by Aggregate Data
估计了一个半结构模型，从加总数据中提取关于实际刚性和价格粘性分布的信息，发现实际刚性较大且价格粘性存在显著异质性，其隐含的横截面分布与剔除销售和产品替代后的微观价格数据一致。
We provide evidence on three mechanisms that can reconcile frequent individual price changes with sluggish aggregate price dynamics. To that end, we estimate a semistructural model that can extract information about real rigidities and the distribution of price stickiness from aggregate data. Hence, the model can also speak to the debate about the aggregate implications of sales. Our estimates indicate large real rigidities and substantial heterogeneity in price stickiness. Moreover, the cross-sectional distribution of price stickiness implied by aggregate data is in line with an empirical distribution obtained from microprice data that factors out sales and product substitutions.