negatively correlated across industrial sectors. I model this in an economy with staggered nominal wage contracts and production …-intensive sectors asymmetrically: prices of labor-intensive goods change less than do prices of capital-intensive goods. In addition …, when prices are costly to adjust, more firms in the capital-intensive sectors optimally choose to update their prices than …

price inflation." Reset price inflation is the rate of change of all desired prices (including for goods that have not …

spot-futures spread), confirming that spot prices mean-revert and normally exceed discounted futures. However, these … percent of daily returns, suggesting other factors are important, too. In this paper, I specify a structural oil-market model … that links returns to convenience yield, inventory news, and revisions of expected production cost (growth of which is …

-related changes in prices were found to be very small. …