William Gittes Chair in Macroeconomics

Prof.Daniel Levi

 

 

 

 

 

Daniel Levy, Ph.D

 Professor of Economics and William Gittes Chair

 

The goal of the William Gittes Chair in Macroeconomics is to promote and deepen the scholarly work in macroeconomics in the context of modern New Keynesian models, with a primary focus on the behavior of prices.

Among the questions we ask are:

  • How rigid (or sticky) are retail prices?
  • Why are retail prices rigid/sticky?
  • What are the determinants of retail price rigidity and flexibility?
  • Why do we observe so many 9-ending (and currently in Israel, 90-ending) retail prices?
  • How do consumers interpret and react to 9-ending (and currently in Israel, to 90-ending) prices?
  • How does psychological pricing affect consumers’ ability to recall prices?
  • “Rockets and Feathers:” What determines asymmetry in price adjustment?
  • Why do we see so frequent small price changes?
  • How attentive are the shoppers to retail prices?
  • What are the determinants of consumer attention to prices?
  • “Shrinkflation:” Why do package sizes shrink and what it has to do with consumer attention?

 

Recent MA Students and Their Theses Projects 

  • Danny Geller - "The Beginning of 9-Ending Prices"
  • Reut Keren - "The 9 Is Dead, Long Live the 90!"
  • Sigal Salonikov - "Potterian Economics and Economic Literacy"

 

Recent Ph.D. Students and Their Theses Projects

  • Doron Sayag - "Empirical Examination of Two Leading Theories of Price Rigidity"
  • Arthur Sandler - "Temporary Sales and Sticky Prices: Evidence from the COVID-19 Pandemic"

 

Journal Articles

Special Issue Editorship and Articles

Book Chapters

  • Chen, Haipeng (Allan), Avichai Snir, Daniel Levy and Alex Gottler (2012), “All Numbers Are Not Created Equal: Price Points, Price Processing and Price Rigidity,” in NA - Advances in Consumer Research 40, Proceedings of the ACR Conference, Eds.  Zeynep Gürhan-Canli, Cele Otnes, and Rui (Juliet) Zhu, Duluth, MN : Association for Consumer Research, pp. 637–639.

  • Snir, Avichai, and Daniel Levy (2010), “Economic Growth in the Potterian Economy,” in The Law and Harry Potter, edited by Jeffrey E. Thomas and Franklin G. Snyder (Durham, NC: Carolina Academic Press), pp. 211–235.

  • Levy, Daniel (2004), “Is the Feldstein-Horioka Puzzle Really a Puzzle?” in Aspects of Globalization: Macroeconomic and Capital Market Linkages in the Integrated World Economy, edited by Christopher Tsoukis, George Agiomirgianakis, and Tapan Biswas (London: Kluwer Academic Publishers), pp. 49–66.

  • Barsky, Robert, Mark Bergen, Shantanu Dutta, and Daniel Levy (2003), “What Can the Price Gap between Branded and Private-Label Products Tell Us about Markups?” in Scanner Data and Price Indexes, edited by Robert Feenstra and Matthew Shapiro (Chicago, IL: NBER and the University of Chicago Press), pp. 165–225. “Comment,” by Julio Rotemberg, pp. 226–228; Pre-print version: “NBER Working Paper No. 8426.”

  • Levy, Daniel (2003), “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, David Baazov, ed. (Tel- Aviv: WCGJ), pp. 61–67 (Invited Paper).

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

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

 

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 of the publisher and/or copyright holder.
  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 publisher and/or copyright holder.
  5. Copyright and all other rights therein are retained by authors and/or by the publishers and/or by the copyright holders.
  6. These publications may not be reposted without the explicit permission of the publisher and/or copyright holder.

 

 

CONFERENCE PRESENTATIONS

 

NBER Presentations

NBER - Universities Research Conference, Cambridge, MA, March 1991

NBER - Economic Fluctuations Program Meeting, Cambridge, MA, July 13, 1996

NBER - Monetary Economics Program Meeting, Cambridge, MA, April 18, 1997

NBER - Monetary Economics Program Meeting, Cambridge, MA, April 28, 2000

NBER - CRIW – Conference on Scanner Data and Price Indexes, Arlington, VA, September 15, 2000

NBER - CRIW – Conference on Price Measurement, Cambridge, MA, July 30, 2001

NBER - Capital Markets Program Meeting, Cambridge, MA, July 22–24, 2002

NBER - Law and Economics Program Meeting, Cambridge, MA, August 1–2, 2003

NBER - Monetary Economics Program Meeting, Cambridge, MA, July 14–18, 2003

NBER - Monetary Economics Program Meeting, Cambridge, MA, November 5, 2004

NBER - Monetary Economics Program Meeting, Cambridge, MA, July 9–13, 2007

 

Invited Lectures and Presentations

Central European University, a Conference on “Micro Pricing and Macro-Economy,” Budapest, October 11, 2003

Federal Reserve Bank of Chicago - JMCB, J. Tobin Conference, November 14–15, 2003

Utrecht University, T.C. Koopmans Int. Workshop on “The Economics of Pricing,” the Netherlands, June 25, 2004

Ministry of Industry, Trade and Labor, Item Price Law Committee, Jerusalem, June 29, 2004

Ministry of Industry, Trade and Labor, Item Price Law Conference, Jerusalem, January 4, 2005

State of Michigan, House of Representatives, Commerce Committee Meeting on Michigan Item Pricing Law (Bill HB 4636), Lansing, MI, June 22, 2005

FRB of Richmond, a Conference on “Modeling Pricing Behavior in Macro Models,” Richmond, November 1, 2005

Gent University, Gent, Belgium, April 26, 2006

Deutsche Bundesbank, Monetary Policy Research Division, Frankfurt, September 14, 2006

Center for Financial Studies – Deutsche Bundesbank – European Central Bank, ECB, September 19, 2006

Federal Reserve Bank of Kansas City, Research Department, October 10, 2006

Kiel Institute, Conference on “The Phillips Curve and the Natural Rate of Unemployment,” Kiel, June 2, 2007

Yale University, a Conference on “Macroeconomics of Lumpy Adjustment,” Cowles 75th Anniversary, June 11, 2007

Deutsche Bundesbank, Economic Research Division, Frankfurt, October 8, 2007

McMaster University, DeGroote School of Business, Hamilton, Canada, October 31, 2007

Wilfrid Laurier University and University of Waterloo, a conference on "Small Open Economies in a Globalized World, Waterloo, Ontario, Canada, June 12-15, 2008

Begin-Sadat Center for Strategic Studies, Conference on “US-Israeli Relations,” Bar-Ilan University, May 6, 2009

Erasmus University-Tinbergen Institute Joint Research Seminar, Rotterdam, May 25, 2009

Central Bank of Hungary-Central European University, Joint Seminar, Budapest, October 28, 2009

University of Piraeus, Department of Banking and Financial Management, Greece, November 5, 2009

Van Leer Institute, Jerusalem, a Panel on Studies of Economics in Israel, January 4, 2011

Bar-Ilan University, March 17, 2013

ISET, Public Lecture, Yerevan, Armenia, April 17, 2013

Bar-Ilan University, Brookdale Program, February 22, 2014

ISET-HEC Lausanne Workshop on Economic Theory, Tbilisi, February 15, 2016

Israeli Consumer Protection Agency - Annual Conference, Airport City, March 15, 2016

ISET-HEC Lausanne Workshop on Economic Theory, Tbilisi, February 13, 2017

Housing and Real Estate Economics Workshop, Tel Aviv University, December 9, 2018

 

Paper Discussions at Conferences

 

European Central Bank, Conference on “Euro Area Inflation Persistence,” Frankfurt, December 2004

Deutsche Bundesbank–Banque de France, Conference on “Micro-data, Macro Implications," Eltville, April 27, 2007

University of Bologna, RCEA, Workshop on “Macroeconomics of Price Setting,” Rimini, Italy, May 11, 2007

The 11th Workshop on Media Economics, Tel-Aviv University, October 10, 2013

The Israeli 3rd Industrial Organization Day, Tel-Aviv University, December 26, 2013

CTREE – 10th Annual Conference on Teaching and Research in Economic Education, June 2-4, 2021

 

University Seminars and Contributed Conference Presentations

 

University of California, Irvine, May 1990

University of California, Irvine, November 1990

Board of Governors of the Federal Reserve System, Washington, DC, January 1991

Indiana University, Bloomington, January 1991

Indiana University, Indianapolis, January 1991

Louisiana State University, January 1991

Tulane University, January 1991

Northeastern University, February 1991

Emory University, February 1991

Union College, February 1991

Bar-Ilan University, May 1991

State University of New York, Albany, October 1991

Emory University, April 1992

Ben-Gurion University, November 1992

University of Chicago, Graduate School of Business, February 1993

Emory University, Department of Mathematics, March 1993

Emory University, April 1993

Wageningen Agricultural University, Conference on Predictability and Nonlinear Modeling in Natural Sciences and Economics, the Netherlands, April 1993

Econometric Society, Far Eastern Meeting, Taipei, June 1993

Econometric Society, European Meeting, Upsala, August 1993

University of Toronto, Conference on Scanner Data, Toronto, September 1993

Emory University, January 1994

Emory University, September 1994

Georgia State University, October 1994

Georgia Institute of Technology, November 1994

Emory University, November 1994

Southern Economic Association, Annual Conference, Orlando, November 20, 1994

American Economic Association, Annual Conference, Washington, DC, January 8, 1995

University of Chicago, Graduate School of Business, March 1995

York University, Toronto, Canada, March 1995

Federal Reserve Bank of Atlanta, Research Department, July 20, 1995

Emory University, October 23, 1995

University of Chicago, Economics and Legal Organizations Workshop, November 16, 1995

Association for Social Economics, Annual Conference, ASSA, San Francisco, January 6, 1996

American Economic Association, Annual Conference, San Francisco, January 5, 1996

Emory University, March 1, 1996

University of Chicago, Macro Workshop, Graduate School of Business, March 4, 1996

Emory University, September 27, 1996

Southern Methodist University, October 22, 1996

Texas A&M University, October 23, 1996

American Economic Association, Annual Conference, New Orleans, January 1997

Western Economic Association, Annual Conference, Seattle, July 1997 (2 papers)

American Economic Association, Annual Conference, Chicago, January 5, 1998 (2 papers)

Emory University, January 16, 1998

University of Minnesota, Carlson School of Management, January 23, 1998

Federal Reserve Bank of Kansas City, Research Department, May 7, 1998

University of Chicago, Managerial and Organizational Behavior Seminar, November 9, 1998

Emory University, December 4, 1998

American Economic Association, Annual Conference, New York, January 1999

Emory University, Department of Sociology, February 19, 1999

Bar-Ilan University, May 31, 1999

Ben-Gurion University, December 9, 1999

Hebrew University, March 5, 2000

Bar-Ilan University, March 26, 2000

American Economic Association, Annual Conference, New Orleans, January 6, 2001

Federal Reserve Bank of Atlanta, Midwest Macro Conference, April 1, 2001

University of Michigan, Midwest Marketing Conference, Ann Arbor, June 9, 2001 (2 papers)

University of Michigan, Behavioral Macro Seminar, Ann Arbor, June 13, 2001

Bar-Ilan University, December 24, 2001

Econometric Society, North American Winter Meeting, Atlanta, January 4–6, 2002

Bar-Ilan University, School of Business Administration, November 18, 2002

Bar-Ilan University, November 24, 2002

Hebrew University, November 28, 2002

University of Haifa, March 13, 2003

Bar-Ilan University, October 27, 2003

European Central Bank, Research Department, February 17, 2004

Tel-Aviv University, April 15, 2004

Bar-Ilan University, May 10, 2004

Ben-Gurion University, May 20, 2004

Hebrew University, June 3, 2004

Harvard University-PEPG/CESifo, a Conference, Munich, September 3–4, 2004

European Central Bank, Research Department, September 9, 2004

Tel-Aviv University, a Conference in Memory of Oved Yosha, January 3, 2005

University of Haifa, Israeli Law and Economics Association Meeting, May 26, 2005

Emory University, INFORMS Marketing Science Conference, Atlanta, June 16, 2005

University College London, World Congress, Econometric Society, August 19, 2005

European Central Bank, Research Department, August 29, 2005

Bar-Ilan University, November 22, 2005

University of Valencia, 2nd Int. Meeting on Experimental and Behavioral Economics, December 2, 2005

Bar-Ilan University Law School, December 5, 2005

Ben-Gurion University, December 8, 2005

Tbilisi State University, Tbilisi, Republic of Georgia, May 27, 2006

Hebrew University, Jerusalem, November 27, 2007

Bar-Ilan University, November 20, 2007

Sloan Foundation Industry Studies Conference, Boston, MA, May 1-2, 2008

Tel-Aviv University, Recanati Graduate School of Business Administration, May 21, 2008

Tel-Aviv University, Department of Economics, May 29, 2008

University of Haifa, European Association of Law and Economics Conference, September 24, 2008

Emory University, Microeconomic Workshop, September 2009

University of Humboldt, Center for Entrepreneurship, March 10, 2010

Bar-Ilan University, April 27, 2010

Bank of Israel, May 31, 2010

Israeli Economic Association, Annual Conference, Jerusalem, June 2, 2010 (2 papers)

Rimini Conference on Economics and Finance, University of Bologna, June 10, 2010

Bar-Ilan University, June 22, 2010

University of Humboldt, Center for Entrepreneurship, June 26, 2010

Deutsche Bundesbank, Frnakfurt am Main, October 15, 2010

Bar-Ilan University, November 9, 2010

Université Libre de Bruxelles, November 4, 2010

Ben-Gurion University, December 1, 2010

American Economic Association, Annual Conference, Denver, January 7, 2010

Conference on Judgment and Decision Making, the Hebrew University, Jerusalem, February 10, 2011 (A. Snir)

Israeli Economic Association, Annual Conference, Jerusalem, June 6, 2011

Symposium on Psychology and Economics, Tilburg Institute for Behavioral Economics, August 19, 2011 (A. Snir)

Leibniz Network on Real Estate and Capital Markets, 3rd Annual Conf., ZEW, Mannheim, Oct. 14, 2011 (A. Snir)

American Economic Association, Annual Conference, Chicago, January 2012

ISET, September 7, 2012

ISET, September 13, 2012

Association for Consumer Research, Annual Conference, University of British Columbia, October 5, 2012

Bar-Ilan University, November 4, 2012

Jerusalem College of Technology, December 5, 2012 (A. Snir)

Tel-Aviv University, December 20, 2012

London Metropolitan University, Centre for Socio-Economic Research, London, April 25, 2013 (A. Snir)

University of Firenze, 2013 Florence Workshop on Behavioral and Experimental Economics, May 2–4, 2013 (A. Snir)

International AREUEA (American Real Estate and Urban Economics Association) Annual Conference, Jerusalem, June 23–26, 2013

Forum on Industrial Organization and Marketing, Frankfurt, August 15–16, 2013 (A. Snir)

Bar-Ilan University, September 12, 2013

American Economic Association, Annual Conference, Philadelphia, PA, January 5, 2014

ISET, February 4, 2014

Economic History Association of Israel – a Forum for Money, Credit and Banking, Ben-Gurion University, February 9, 2014

Hebrew University, March 23, 2014

National Tsing Hua University, Hsinchu, Taiwan, April 22 2014 (H.A. Chen).

University Haifa, April 24, 2014

Rimini Conference on Economics and Finance, RCEF-2014, University of Bologna, June 9-10, 2014

LabSi Workshop on Behavioral and Experimental Finance, University of Siena, September 1213, 2014 (A. Snir)

Tel-Aviv University, November 19, 2014

ISET, February 23, 2015

Bar-Ilan University, March 23, 2015

Marketing Science (INFORMS) Conference, Johns Hopkins University, June 18–20, 2015 (S. Ray)

Israeli Association of History and Law Conference, Yad Ben-Zvi, Jerusalem, October 12, 2015

Bar-Ilan University, October 26, 2015

Israeli Consumer Protection Agency, Annual Conference, Keynote Lecture, March 15, 2016

Bar-Ilan University, March 21, 2016

Israeli Economic Association Annual Conference, Tel-Aviv, May 18, 2016

Canadian Marketing Symposium on Empirical and Theoretical Marketing, Fairmont Chateau Lake Louise, Alberta, Canada, May 18, 2016 (S. Ray)

Industry Studies Association Annual Conference, University of St. Thomas, St. Paul, MN, May 24–26, 2016 (2 papers)

Capital University of Economics and Business, Beijing, July 7, 2016 (H.A. Chen)

ISET, September 21, 2016

Pricing Research Camp, University of Illinois, Chicago, May 9–10, 2017 (H.A. Chen)

Bar-Ilan University, May 25, 2017

Bar-Ilan University, June 19, 2017

ISET, September 28, 2017

Italian Society of Law and Economics 13th Annual Conference, Lumsa University, Rome, Italy, Dec. 15–16, 2017

TAUB Center, February 18, 2018

Israeli Economic Association Annual Conference, Tel-Aviv, June 14, 2018

Bar-Ilan University, November 26, 2018

Bar-Ilan University, November 28, 2018

Economic History Association of Israel, 7th Annual Conference, Tel Aviv University, December 16, 2018

ISET, February 4, 2019

Workshop on Sentiments and Crises in Financial Texts, Bar-Ilan University, Data Science Institute, May 6, 2019

Bar-Ilan University, May 14, 2019

Ariel University, May 16, 2019

The 9th European Meeting of the Urban Economics Association, University of Amsterdam, the Netherlands, May 31, 2019

The 3rd Israeli Behavioral Finance Conference, Academic College of Tel Aviv-Yaffo, June 5, 2019

ISET Research Day, ISET, Tbilisi, Georgia, July 3, 2019

Bank of Israel, September 23, 2019.

The 1st Spanish Public Choice Workshop, Universidad de Navarra, Spain, October 24–25, 2019.

Bar-Ilan University, Department of Economics, December 9, 2019

Bar-Ilan University, January 15, 2020

Ariel University, January 16, 2020

Bar-Ilan University, January 22, 2020

American Marketing Association Winter Conference, San Diego, CA, USA, February 14–16, 2020

Bar-Ilan University, May 20, 2020

Jerusalem Institute of Technology, April 23, 2020

Informs Marketing Science Conference, Duke University, June 10-13, 2020

International Risk Management Conference, NYU and University of Firenze, October 9-10, 2020

ISET, October 15, 2020

Bar-Ilan University, October 19, 2020

Università Cattolica del Sacro Cuore - Bar Ilan University - Ben Gurion University Seminar Series, October 31, 2020

Econometric Society, Winter Conference, Nottingham, December 14-16, 2020

JACR Behavioral Pricing Special Issue Conference, University of Kentucky, February 15, 17, 2021

CTREE – 10th Annual Conference on Teaching and Research in Economic Education, June 2-4, 2021

Third Warsaw Money-Macro-Finance Conference, ICEA, University of Warsaw, June 3-4, 2021

ISGS – International Society of Georgian Scientists, June 13, 2021

Inflation: Drivers and Dynamics 2021 – ECB/Federal Reserve Bank of Cleveland Conference, October 7, 2021

Bar-Ilan University, October 18, 2021

Bank of Israel, October 20, 2021

National University of Singapore, Economics Society Workshop, October 26, 2021

Data Science Institute Conference, Bar-Ilan University, October 28, 2021

Graduate School of Business Administration, Bar-Ilan University, December 7, 2021

Conference on “Inflation – After the Pandemic,” International Centre for Economic Analysis, January 27, 2022

Royal Economic Society Annual Conference, April 11-13, 2022 (2 papers)

Armenian Economic Association Annual Conference, June 30, 2022

American Marketing Association Winter Conference, February 10, 2023.

Israeli Economic Association Annual Conference, Tel-Aviv University, June 22, 2023

International Conference on Empirical Economics, Pennsylvania State University, August 5, 2023

5th Warsaw Money-Macro-Finance Conference, University of Warsaw, September 21-22, 2023

6th Annual Law and Macroeconomics Conference, Tulane Law School, Tulane University, November 2, 2023

Bar-Ilan University, February 5, 2024

Innsbruck Winter Summit on Un(Ethical) Behavior in Markets, University of Innsbruck, Austria, March 15, 2024

The 2024 RCEA International Conference in Economics, Brunel University, England, May 20–22, 2024

Israeli Economic Association Annual Conference, Reichman University, June 27, 2024  (2 papers)

Georgian Economic Association, Tbilisi, Georgia, July 23, 2024

International Conference on Empirical Economics, Pennsylvania State University, August 3, 2024

Econometric Society European Meeting, Erasmus University, Rotterdam, Netherlands, August 26-30, 2024

Bar-Ilan University, July 17, 2024

The 2024 National Bank of Georgia Monetary Research Conference, Tbilisi, Georgia, December 12-13, 2024

The 2025 Public Choice Society Annual Conference, Louisville, Kentucky, USA, March 6-8, 2024 (on the program)

 

Invited Public Lectures and Presentations

 

WCGJ, International Conference Commemorating the 55th Anniversary of the State of Israel, Tel-Aviv, May 12, 2003

Ministry of Industry, Trade, and Labor, Item Price Law Committee, Jerusalem, June 29, 2004

Ministry of Industry, Trade, and Labor, Item Price Law Conference, Jerusalem, January 4, 2005

State of Michigan, House of Representatives, Commerce Committee Meeting on Michigan Item Pricing Law (Bill HB 4636), Lansing, MI, June 22, 2005

Begin-Sadat Center for Strategic Studies, Conference on “US-Israeli Relations,” Bar-Ilan University, May 6, 2009

Van Leer Institute, Jerusalem, a Panel on Studies of Economics in Israel, January 4, 2011

ISET Public Lecture, Yerevan, Armenia, April 17, 2013

Bar-Ilan University, Brookdale Program, February 22, 2014

Israeli Consumer Protection Agency - Annual Conference, Airport City, March 15, 2016

Bar-Ilan University, Brookdale Program, June 4, 2017

ISET Public Lecture, Tbilisi, November 9, 2017

Bar-Ilan in the Lobby, Hotel Vital, Tel Aviv, January 30, 2024