Data on international relative prices from industrialized countries show large and systematic deviations from relative … international relative prices. We find that when our model is parameterized to match salient features of the data on international …

productivity" channel. The relative price channel results from changes in the relative prices of aggregates, such as investment vis … channel arises from changes in the distribution of inputs across sectors. We show that, for standard sectoral models, this …

a well-known and credible inflation target helps to anchor the private sector's perceptions of the distribution of long …

Whether prices are pro- or counter-cyclical represents a major difference in the predictions of models that focus on … supply. Earlier studies have interpreted their finding of generally negative cross-correlations between output and prices in … generated them, or whether prices are best characterized as pro- or counter-cyclical. In fact, negative price output …

We show that house prices may be driven entirely by the demands of one identifiable group for several years and then by … demands of another group at other times. We present evidence that house prices in Hawaii were subject to such regime shifts …. Prices responded to demands associated with American income and wealth for most years from 1975 through 2008. From the middle …

.S. dollar and the British pound on announcement days, while commodity prices generally declined despite this more stimulative … triggering a decline in commodity prices. Moreover, our analysis illustrates the importance of controlling for market … expectations when assessing these effects. We find that positive U.S. monetary surprises led to declines in commodity prices, even …