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Journal Article
The Price of Delay: Supply Disruptions, Product Availability, and Strategic Pricing during the Pandemic
Baslandze, Salomé; Fuchs, Simon (2026-06-25)
During 2020–23, firms did not just face higher costs but faced an unusually tight constraint on product availability. Imports often did not arrive when expected, and port congestion and vessel delays made replenishment unusually uncertain. In Baslandze and Fuchs (2026), we study how these disruptions showed up in consumer prices using newly linked micro data that match shipment-level bills of lading to high-frequency consumer transaction prices. The evidence points to sizable pass-through from delivery shortfalls to prices, above and beyond the standard pass-through of costs. Prices also ...
Policy Hub , Volume 2026 , Issue 4 , Pages 16

Working Paper
Entry, exit, and the determinants of market structure
Dunne, Timothy; Roberts, Mark J.; Klimek, Shawn D.; Xu, Daniel Yi (2013-10-01)
This paper estimates a dynamic, structural model of entry and exit in an oligopolistic industry and uses it to quantify the determinants of market structure and long-run firm values for two U.S. service industries, dentists and chiropractors. Entry costs faced by potential entrants, fixed costs faced by incumbent producers, and the toughness of short-run price competition are all found to be important determinants of long-run firm values, firm turnover, and market structure. Estimates for the dentist industry allow the entry cost to differ for geographic markets that were designated as Health ...
FRB Atlanta Working Paper , Paper 2013-10

Working Paper
Cost of Banking for LMI and Minority Communities
Migueis, Marco; Suher, Michael; Xu, Jessie (2022-06-28)
Bank accounts are critical for participation in the modern economy. However, these accounts frequently require maintenance fees and incur overdraft charges. We assess whether minimum account balances to avoid fees, account maintenance fee amounts, and non-sufficient funds charges are systematically different in LMI and majority-minority communities, and find that they are generally higher. For example, the minimum account balance to avoid fees in a non-interest checking account is about $50 higher in LMI Census tracts than in higher income tracts, and $75 higher in majority-minority tracts. ...
Finance and Economics Discussion Series , Paper 2022-040

Working Paper
Mega Firms and New Technological Trajectories in the U.S.
Choi, Joonkyu; Braguinsky, Serguey; Ding, Yuheng; Jo, Karam; Kim, Seula (2025-08-06)
We provide evidence that mega firms have played an increasingly important role in shaping new technological trajectories in recent years. While the share of novel patents---defined as patents introducing new combinations of technological components---produced by mega firms declined until around 2000, it has rebounded sharply since then. Furthermore, we find that the technological impact and knowledge diffusion of novel patents by mega firms have grown relative to those by non-mega firms after 2001. We also explore potential drivers of this trend, presenting evidence that the rise in novel ...
Finance and Economics Discussion Series , Paper 2025-060

Working Paper
Variety, globalization, and social efficiency
Ruffin, Roy J.; Cox, W. Michael (2008)
This paper puts recent work on the benefits of variety into the context of a more complete quantitative analysis of the Dixit-Stiglitz-Krugman model of monopolistic competition. We show how the gains from globalization are reflected in the increase in variety and the exploitation of economies of scale, and that the social efficiency question is quantitatively insignificant. These results follow from examining a Bertrand-Nash equilibrium that allows for a finite number of varieties to affect the elasticity of demand facing each firm. We develop a precise expression for per capita real income ...
Globalization Institute Working Papers , Paper 15

Working Paper
Will AI Intensify or Weaken Market Competition?
Firooz, Hamid; Leduc, Sylvain; Liu, Zheng (2026-08-10)
We study how AI affects market competition based on a general equilibrium framework with heterogeneous firms facing idiosyncratic productivity and variable markups. Firms choose the AI technology subject to fixed costs, where AI production requires data and energy inputs. Our model predicts a non-monotonic relation of AI diffusion with industry concentration. As AI usage rises from an initially low level, large incumbent users gain market share. When AI usage is sufficiently diffused, entry of new and smaller adopters erodes the market share of incumbents, reducing industry concentration. The ...
Working Paper Series , Paper 2026-15

Report
Informational Rigidities and the Stickiness of Temporary Sales
Simester, Duncan; Anderson, Eric; Steinsson, Jon; Malin, Benjamin A.; Nakamura, Emi (2015-06-25)
We use unique price data to study how retailers react to underlying cost changes. Temporary sales account for 95% of price changes in our data. Simple models would, therefore, suggest that temporary sales play a central role in price responses to cost shocks. We find, however, that, in response to a wholesale cost increase, the entire increase in retail prices comes through regular price increases. Sales actually respond temporarily in the opposite direction from regular prices, as though to conceal the price hike. Additional evidence from responses to commodity cost and local unemployment ...
Staff Report , Paper 513

Working Paper
Price Setting with Customer Capital: Sales, Teasers, and Rigidity
Rudanko, Leena (2022-09-09)
This paper studies price setting in an equilibrium search model of frictional product markets with long-term customer relationships. The theory gives rise to temporary sales when pricing is constrained to be anonymous across a firm’s customer base. Equilibrium prices are inefficiently high, giving rise to overselling and excess trade, and the emergence of sale pricing can improve allocations by limiting this overselling. Pricing is also characterized by an asymmetry involving a stable regular price and variable sale price when firms face idiosyncratic shocks. Absent anonymous pricing, the ...
Working Papers , Paper 22-31

Working Paper
High-Growth Firms in the United States: Key Trends and New Data Opportunities
Kim, J. Daniel; Choi, Joonkyu; Goldschlag, Nathan; Haltiwanger, John (2024-09-20)
Using administrative data from the U.S. Census Bureau, we introduce a new public-use database that tracks activities across firm growth distributions over time. With these new data, we uncover several key trends for high-growth firms---critical engines of innovation and economic growth. First, the share of firms that are high-growth has steadily decreased over the past four decades, driven not only by falling rates of entrepreneurship but also languishing growth among existing firms. Second, this decline is particularly pronounced among young and small firms, while the share of high-growth ...
Finance and Economics Discussion Series , Paper 2024-074

Working Paper
The Effects of Price Endings on Price Rigidity: Evidence from VAT Changes
Snir, Avichai; Knotek, Edward S.; Sayag, Doron (2019-11-12)
We document a causal role for price endings in generating micro and macro price rigidity. Based on micro price data underlying the consumer price index in Israel, we document that most stores have a favored price ending?a final digit, usually a zero or nine, used by a majority of prices in that store?and that these favored price endings are utilized extensively. Using changes to the VAT rate as exogenous cost shocks that affect prices regardless of ending, we find that the frequency of price adjustment for nonfavored endings increases by twice as much as the frequency of adjustment for ...
Working Papers , Paper 19-24

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