We examine the responses of prices and inflation to monetary shocks in an inventory-theoretic model of money demand. We …

with sticky goods prices. If prices are held fixed for at least one year, risk aversion is high, and preferences are …

large class of theories: (i) pricing-to-market, (ii) positive correlation of aggregate real export and import prices, (iii … elasticity of international trade flows. The behavior of quantities is shown to be on par with standard international business … cycle theories that, in contrast to our model, assume low intrinsic elasticity of substitution between domestic and foreign …

This paper studies the time series and cross-sectional behavior of tariffs during the prewar period in a manner that … commodities and over time. Another interesting feature of prewar tariffs is that most import duties were specific, charging a … change and miss the cyclical variation in tariff rates that results from the impact of changing prices on the real value of …

nominal shocks in an economy with sticky goods prices. A key implication of this explanation is that if goods have differing …

realizations occur. The information lag also produces prices that do not respond much to current monetary realizations. …