Prof. Daniel Levy

Prof. Daniel Levy
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Research interests: 
Macroeconomics, Industrial Organization, Political Economy



Journal Articles

“End of 9-Endings, Price Recall, and Price Perceptions,” with A. Snir and H. Chen, Economics Letters 155, 157–163, 2017.

“Explicit Evidence of an Implicit Contract,” with A. Young, Journal of Law, Economics, & Organization 30(4), November, 804–832, 2014.

“Heterogeneous Convergence,” with A. Young and M. Higgins, Economics Letters 120(2), August, 238–241, 2013.

“Price Points and Price Rigidity,” with D. Lee, H. Chen, R. Kauffman and M. Bergen, Review of Economics and Statistics 93, 1417–1431, 2011. “Supplementary Appendix.”

“Holiday Price Rigidity and Cost of Price Adjustment,” with M. Bergen, H. Chen, S. Dutta and G. Müller, Economica 77, 172-198, 2010.

“Robust Correlates of County-Level Growth in the U.S.,” with M. Higgins and A. Young, Applied Economics Letters 17, 293-296, 2010.

“Federal, State, and Local Governments: Evaluating their Separate Roles in US Growth,” with M. Higgins and A. Young, Public Choice 139, 493-507, 2009.

“Sigma Convergence vs Beta Convergence: Evidence from U.S. County-Level Data,” with M. Higgins and A. Young, Journal of Money, Credit and Banking 40, 1083-1093, 2008.

“When Little Things Mean a Lot: On the Inefficiency of Item Pricing Laws,” with M. Bergen, S. Ray, P. Rubin, and B. Zeliger, Journal of Law and Economics 51, 209-250, 2008. “Supplementary Appendix.”

“Asymmetric Price Adjustment in the Small,” with M. Bergen, A. Chen and S. Ray, Journal of Monetary Economics 55, 728-737, 2008. “Supplementary Appendix.”

“Price Adjustment under the Table: Evidence on Efficiency-Enhancing Corruption,” European Journal of Political Economy 23, 423-447, 2007. Short version reprinted in S. Matulich and D.M. Currie, eds., Handbook of Frauds, Scams, and Swindles (London: CRC Press, Taylor & Francis Group), 2009, Chapter 2, pp. 17–32.

“Growth and Convergence across the US: Evidence from County-Level Data,” with M. Higgins and A. Young, Review of Economics and Statistics 88, 671-681, 2006. “Supplementary Appendix.”

“Private Label Price Rigidity during Holiday Periods,” with M. Bergen, S. Dutta, and G. Müller, Applied Economics Letters 13, 57-62, 2006.

“Asymmetric Wholesale Pricing: Theory and Evidence,” with M. Bergen, H. Chen, and S. Ray, Marketing Science 25, 131-154, 2006. “Supplementary Appendix.”

“Managerial and Customer Costs of Price Adjustment: Direct Evidence from Industrial Markets,” with M. Zbaracki, M. Ritson, S. Dutta, and M. Bergen, Review of Economics and Statistics 86, 514-533, 2004.

“The Real Thing: Nominal Price Rigidity of the Nickel Coke, 1886–1959,” with A. Young, Journal of Money, Credit, and Banking 36, 765-799, 2004.

“International Evidence on Output Fluctuation and Shock Persistence,” with H. Dezhbakhsh, Journal of Monetary Economics 50, 1499-1530, 2003.

"Shattering the Myth of Costless Price Changes," with M. Bergen, S. Dutta, M. Ritson and M. Zbaracki, European Management Journal 21, 663-669, 2003.

“On the Typical Spectral Shape of an Economic Variable,” with H. Dezhbakhsh, Applied Economics Letters 10, 417-423, 2003.

“Price Flexibility in Channels of Distribution: Evidence from Scanner Data,” with M. Bergen and S. Dutta, Journal of Economic Dynamics and Control 26, 1845-1900, 2002.

“Cointegration in Frequency Domain,” Journal of Time Series Analysis 23, 333-339, 2002.

“Heterogeneity in Price Rigidity: Evidence from Primary Micro Level Data,” with M. Bergen and S. Dutta, Journal of Money, Credit, and Banking 34, 197-220, 2002.

“Pricing as a Strategic Capability,” with M. Bergen, S. Dutta, M. Ritson and M. Zbaracki, MIT Sloan Management Review 43, 61-66, 2002. Reprinted as “A fixação do preço como capacidade estratégica,” in Revista Portuguesa e Brasileira de Gestão, Trimestral 1(1), Abr/Jun 2002, 8–17 (in Portuguese), and as “Pricing als Strategische Ressource,” inGDI_IMPULS, Nr. 1.03: Für Entscheidungsträger in Wirtschaft und Gesellschaft, 16–22 (in German). See the May 23, 2002 issue of the Economist magazine for a review article, “The Price is Wrong,” on the paper.

“Investment-Saving Co-movement and Capital Mobility: Evidence from Century Long U.S. Time Series,” Review of Economic Dynamics 3, 100-136, 2000.

“Menu Costs, Posted Prices, and Multi-product Retailers,” with M. Bergen, S. Dutta, and R. Venable, Journal of Money, Credit, and Banking 31, 683-703, 1999.

“Price Adjustment at Multiproduct Retailers,” with M. Bergen, S. Dutta, and R. Venable, Managerial and Decision Economics 19, 81-120, 1998.

“Seasonal Cycles, Business Cycles, and the Co-movement of Inventory Investment and Output,” with R. Carpenter, Journal of Money, Credit, and Banking 30, 331-346, 1998.

“The Magnitude of Menu Costs: Direct Evidence from Large US Supermarket Chains,” with M. Bergen, S. Dutta, and R. Venable, Quarterly Journal of Economics 112, 791-825, 1997.

“Capital Stock Depreciation, Tax Rules, and Composition of Aggregate Investment,” Journal of Economic and Social Measurement 21, 45-65, 1995.

“Investment-Saving Co-movement Under Endogenous Fiscal Policy,” Open Economies Review 6, 237-254, 1995.

“Periodic Properties of Interpolated Time Series,” with H. Dezhbakhsh, Economics Letters 44, 221-228, 1994. “Erratum,” Vol. 46, p. 183.

“Output, Capital, and Labor in the Short and Long Run,” Southern Economic Journal 60, 946-960, 1994.

“Estimates of the Aggregate Quarterly Capital Stock for the Post-War U.S. Economy,” with H. Chen, Review of Income and Wealth 40, 317-349, 1994. Supplementary Appendix, in [PDF] and [WORD] Formats.

“Simulating a Multiproduct Barter Exchange Economy,” with M. Bergen, Economic Inquiry 31, 314-321, 1993.

Book Chapters

“Economic Growth in the Potterian Economy,” with A. Snir, in The Law and Harry Potter, edited by F. Snyder and J. Thomas (Durham, NC: Carolina Academic Press), 211-235, 2010.

“Is the Feldstein-Horioka Puzzle Really a Puzzle?” in Aspects of Globalization: Macroeconomic and Capital Market Linkages in the Integrated World Economy, edited by C. Tsoukis, G. Agiomirgianakis, and T. Biswas (London: Kluwer Academic Publishers), 49-66, 2004.

“What Can the Price Gap between Branded and Private-Label Products Tell Us about Markups?” with R. Barsky, M. Bergen, and S. Dutta, in Scanner Data and Price Indexes, edited by R. Feenstra and M. Shapiro, NBER and the University of Chicago Press, 165-225, 2003; “Comment,” by J. Rotemberg, pp. 226-228; Also availabe as “NBER Working Paper No. 8426.”

“Solving and Simulating Nonlinear Stochastic Equilibrium Models in Frequency Domain,” Proceedings of the WCGJ International Scientific Conference Celebrating the 55th Anniversary of the State of Israel, D. Baazov, ed. (Tel- Aviv: WCGJ), 61-67, 2003 (Invited Paper).

"Beans as a Medium of Exchange," with H. Fried, in G. Delemeester and J. Neral, eds., Classroom Experiments: A User’s Guide, a volume accompanying John Taylor’s Economics (Boston: Houghton Mifflin), 1995, pp. 121–125. Reprinted in the 2nd Edition, 2001.

Special Issue Editorship and Articles

Guest Editor, Managerial and Decision Economics 
A special issue on “Price Setting and Price Adjustment in Some European Union Countries,” with F. Smets, 31(2-3), 2010. 
“Introduction to the Special Issue," Managerial and Decision Economics 31, 63-66, 2010.

Guest Editor, Managerial and Decision Economics 
A special issue on “Price Rigidity and Flexibility: New Empirical Evidence,” 28(7), 2007.
“Introduction to the Special Issue,” Managerial and Decision Economics 28(7), 639-647, 2007.

“Non-Price Rigidity and Cost of Adjustment,” with M. Bergen, S. Dutta, and G. Müller, Managerial and Decision Economics 28(7), 817-832, 2007.

Guest Editor, Managerial and Decision Economics 
A special issue on “Price Rigidity and Flexibility: Recent Theoretical Developments,” 28(6), 2007. 
“Introduction to the Special Issue,” Managerial and Decision Economics 28(6), 523-530, 2007.

Papers Published as a Graduate Student

“Aggregate Output, Capital, and Labor in the Post-War U.S.,” Economics Letters 33, 41-45, 1990.

“Four Contributions on Teaching Economics” in Great Ideas for Teaching Economics, edited by R. T. Byrns and G. W. Stone (Glenview: Scott, Foresman and Company), 4th Edition, 1989. Reprinted in the 5th Edition, 1992, and in the 6th edition, 1995 (Harper Collins Publishers), as well as in the Electronic Edition of Great Ideas for Teaching Economics edited by R. Byrns, 2006. 

“Expectations, Information, and Migration: The Case of the West Bank and Gaza,” with S. Gabriel, Applied Economics 20, 1-13, 1988.

“Israel As an Economic Laboratory," The Economic Quarterly 31, 479-482, 1984 (in Hebrew).

“Elections and Business Cycles in Israel,” The Economic Quarterly 30, 865-875, 1984 (in Hebrew).


Copyright Notice:

(1) The links to the published studies are only for the use and convenience of those visitors who have a lawful access to the respective outlets. (2) The visotors that download this material are expected to adhere to the terms and conditions invoked by respective publisher and author's copyright. (3) Downloading of any paper is permitted for personal use only. (4) Permission to reprint/republish this material for any purpose must be obtained from the author/s and the respective publisher. (5) Copyright and all other rights therein are retained by authors and/or by other copyright holders. (6) These publications may not be reposted without the explicit permission of the copyright holder.





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Working Papers


Personal Working Paper Archives at 



Research Gate 
New Working Papers 

“Potterian Economics,” with A. Snir, July 2013. 

“Not All Price Endings Are Created Equal: Price Points and Asymmetric Price Rigidity,” with H. Chen, A. Gotler, and A. Snir, January 2013. 
Revised Working Papers 

“Shrinking Goods,” with A. Snir, January 2013. 
Older Working Papers 

“Black Populations and Economic Growth: An Extreme Bounds Analysis of Mississippi County-Level Data,” with M. Higgins and A. Young, January 2007. 

“The Anatomy of a Price Cut: Discovering Organizational Sources of the Costs of Price Adjustment,” with M. Bergen and M. Zbaracki, August 2006. 

“Popular Perceptions and Political Economy in the Contrived World of Harry Potter,” with A. Snir, December 2005. 
"Resting" Papers (as Opposed to "Working" Papers) 

"State Dependent Pricing and Price Rigidity: Direct Evidence from Store Level Data," (with Mark Bergen and Shantanu Dutta), Emory University Resting Paper.
"New Estimates of Total Factor Productivity Growth in the Post-War U.S.," Emory University Resting Paper. 
"Price Rigidity: Evidence from Scanner Data," (with Mark Bergen and Shantanu Dutta), Emory University Resting Paper. 
"Commodity Price Pass-Through," (with Mark Bergen and Shantanu Dutta), Emory University Resting Paper. 
"Output, Capital, and Labor in the Short, and Long-Run: Evidence from Two-Digit Manufacturing Industries," Emory University Resting Paper. 
"Technology Shocks and Sectoral Business Cycles," Emory University Resting Paper. 
"The Price System in Action: Lessons from Double Oral Auction Experiments," Emory University Resting Paper. 
"Output, Capital, and Labor in the Short and Long Run: Evidence from Spectral Analysis," University of California/Irvine Resting Paper. 
"Investment-Saving Comovement, Capital Mobility, and Fiscal Policy," University of California/Irvine Resting Paper. 
"Are All Hyperinflations Alike? Evidence from Four Big Inflations," University of California/Irvine Resting Paper. 
"Specification and Estimation of Forecast Generating Equations in Models with Rational Expectations," University of California/Irvine Resting Paper. 
"Inertia and Dynamics of Hyperinflations," University of California/Irvine Resting Paper. 
"Savings, Investments and Interest Rates in the Post-War U.S., 1950-1987," University of California/Irvine Resting Paper. 


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Paper Discussions at Conferences 

"Discussion of Emek Basker (2013), "Change at the Checkout: Tracing the Impact of a Process Innovation," The Third Annual Israeli I.O. Day, Tel-Aviv University, Recanati Business School, December 24, 2013.

"Discussion of George, L. and C. Hogendorn (2013), Local News Online: Aggregators, Geo-Targeting and the Market for Local News," 11th Workshop on Media Economics, Tel-Aviv University, Recanati Business School, October 9-10, 2013. 

"Discussion of Ratfai, A. (2007), Inflation and Relative Price Asymmetry," Rimini Center for Economic Analysis 2007 Macroeconomics Workshop on "The Macroeconomics of Price Setting," RCEA, University of Bologna, Rimini, Italy, May 10-11, 2007. 

"Discussion of Dhyne, E., et al. (2007), Lumpy Price Adjustments: A Microeconometric Analysis," Deutsche Bundesbank - Banque De France Spring 2007 Conference on "Microdata and Macroeconomic Implications," the Bundesbank, Eltville, Germany, April 27-28, 2007. 

"Discussion of S. Fabiani, et al. (2004), The Pricing Behavior of Firms in the Euro Area: New Survey Evidence," Inflation Persistence Network (IPN) Conference, European Central Bank, Frankfurt, December 10-11, 2004. 
Research Areas 

Price Setting, Price Adjustment, and Cost of Price Adjustment 
Business Cycles, Convergence and Economic Growth 
International Capital Mobility, Political Economy 
Frequency Domain Econometrics 

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Advanced Macroeconomic Theory (Semester I, 66-817, and Semester II, 66-818) 

Monetary Theory (Semester I, 66-829)

Advanced Monetary Theory (Semester II, 66-838)

Ph.D Workshop (66-854, Semester I) 

Macroeconomic Theory (Semester I, 66-201, and Semester II, 66-202)

Undergraduate Seminar (66-402, Semester I and II) 

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Popular Science Writing, Interviews, and Media Coverage


In Egnlish, French, Spanish, etc.


In Hebrew

מאמרי מדע פופולרי, מאמרי דעה, ראיונות, ופאנלים


דיווחים בתקשורת, ניירות עמדה, ומדיניות כלכלית