changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price components to … related to conventional measures of monetary policy and relative-price shocks? We find that pure inflation accounts for 15 …-20% of the variability in inflation while our aggregate relative-price index accounts most of the rest. Conventional measures …

independence of relative price changes and inflation that is assumed in neo- classical models. More recently, New Keynesian … macroeconomists have shown that the strong positive correlation between inflation and the skewness of the price change distribution is … establish that one of the most accepted stylized facts in the literature on aggregate price behavior, that inflation and the …

We test whether the time-series positive correlation of inflation and intermarket relative price variability is also … higher than average inflation also have higher than average relative price dispersion, ceteris paribus. This result holds for … part of the relationship between inflation and relative price variability cannot be explained by monetary factors …

This paper studies the welfare effects of the relative price variability arising from inflation. When agents interact … in anonymous markets, with customers buying from new suppliers each period, relative price variability benefits customers … informational role: a potential customer uses current prices as signals of future prices. Inflation reduces the informativeness of …

between notional and effective demands, and using it to explain price and quantity adjustments in conditions of unemployment …

. We critically examine popular stories such as 'gold is an inflation hedge'. We show that gold may be an effective hedge … if the investment horizon is measured in centuries. Over practical investment horizons, gold is an unreliable inflation … hedge. We also explore valuation. The real price of gold is currently high compared to history. In the past, when the real …

changes and the extent to which the fraction of price changes increases with inflation in the U.S. time-series. Though the …We show that standard menu cost models cannot simultaneously reproduce the dispersion in the size of micro-price … Golosov and Lucas (2007) model generates fluctuations in the fraction of price changes, it predicts too little dispersion in …

slave price series indicates that the price of rice was the major determinant of the demand for slaves and in turn largely …

The purpose of this paper is to examine the relationship between the price of alcoholic beverages and the incidence of … violence is well documented, as is the negative relationship between the quantity of alcohol consumed and its price. These two … reduced form model is estimated where the probability of being a victim of violent crime is determined by the price of alcohol …