This paper presents evidence that speculative bubbles can have sizeable effects on house prices, and on housing … investment. We infer that deviations of asset prices from fundamental values may have serious consequences for real activity, and …

This paper quantifies the effects of drug monopolies and low per-capita income on pharmaceutical prices in developing …

shocks driving the economy and the systematic response of monetary policy to inflation: More flexible prices amplify the … shocks, ask: Would the U.S. economy have been more or less stable had prices been more flexible than historically? Our main …