Despite their prevalence in the microdata, sales (i.e., temporary price cuts) are often ignored by macroeconomists. If sales are taken into account, price rigidity is small in the data. Using the microdata underlying the Consumer Price Index (CPI), I first demonstrate that sales of durable goods have a substantial impact on the aggregate price index, and that the price index decreases gradually after these sales. To quantify the changes in the real effects of monetary policy due to sales, I propose a two-sector menu-cost model, in which sales are allowed. The model, which is able to match salient features of the microdata, predicts that the real effects of monetary policy will be significantly overestimated if sales of durable goods are not taken into consideration. Compared to my benchmark model, the model without sales and the Calvo model calibrated to the frequency of regular price changes both generate much greater real effects of monetary policy.

尽管它们在微观数据中普遍存在，但宏观经济学家经常忽略销售（即临时降价）。如果将销售额考虑在内，数据中的价格刚性很小。使用消费者价格指数（CPI）背后的微观数据，我首先证明耐用品的销售对总价格指数有重大影响，并且在这些销售后价格指数逐渐下降。为了量化货币政策对销售的实际影响的变化，我提出了一个允许销售的两部门菜单成本模型。该模型能够匹配微观数据的显着特征，预测如果不考虑耐用品销售，货币政策的实际效果将被显着高估。与我的基准模型相比，