In Search of Real Rigidities

Oleg Itskhoki and Gita Gopinath

No 1337, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: Are quantitatively important real rigidities present in the data? The answer appears to depend on what data one looks at. Recent studies using price data underlying US CPI index provide evidence suggesting a limited role for real rigidities. Evidence from international prices, however, points towards the importance of strategic complementarities in price setting resulting in considerable pricing-to-market effects. This paper provides further evidence on the role of real rigidities and then proposes a theory to bridge the gap between the two sets of facts.

Date: 2010
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Related works:
Chapter: In Search of Real Rigidities (2011)
Working Paper: In search of real rigidities (2010)
Working Paper: In Search of Real Rigidities (2010)
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