This paper studies two aspects of the behaviour of provincial relative prices in Spain: the relevance and the nature of … half point per year in the long-run), but deviations of relative prices from equilibrium can be very persistent. …

The fiscal theory of the price level has challenged the conventional view that monetary factors drive prices and …

in option prices. Consumption and dividends remain smooth, and the model is consistent with salient features of …

Supply and demand functions are typically estimated using uniform prices and quantities across products, but where … with distance between models in quality space. Using data on prices, technical attributes, and shipments of personal …

We study a model of portfolio choice, in which housing prices are predictable and adjustment costs must be paid when …; and (ii) the time-varying expected growth rate of housing prices. The agent buys (sells) his housing assets only when the … growth rate of housing prices. Finally, we use household level data from the PSID and SIPP surveys to test and support the …

inertia to the price level. These models incorporate expectations of future prices and excess demand by imposing constraints … empirical significance of future prices in specifications like those of Taylor. I find that expectations of future prices are …