It is one thing to observe that some prices are sticky, and it is another to know what, if anything, this observation implies for the behavior of macroeconomic variables. To motivate their paper, Ohanian, Stockman, and Kilian show evidence of price stickiness. That is, impulse responses of various price indexes to changes in the federal funds rate indicate that some prices respond more slowly. Granting that monetary shocks can be identified from innovations to the federal funds rate, this evidence points to a source of nonneutrality of money. The important question, though, is whether the nonneutralities resulting from price stickiness can account for observed patterns of dynamic correlations among macroeconomic variables. What makes the paper interesting is that it provides a framework in which to exam-