We develop theory and present a suite of theoretically consistent empirical measures to explore the extent to which …

and quite inconsistent empirical support of the theory. More importantly, none of this work addresses important questions …

This study explores empirically the price dynamics within two distinct market institutions - a double oral auction …

From 1836 to 2011, the average real rate of price change for gold in the United States is 1.1% per year and the … gold's real rate of price change with consumption and GDP growth rates are small and statistically insignificantly … between gold services and ordinary consumption, the model can generate a mean real rate of price change within the (0.1%, 2 …

Blomquist and Christensen (2005) argue that welfare is initially decreasing in the price of an excludable public good … and that the case for a positive price for an excludable public good price is weak. We argue that this result follows from … overturns their result. Hence the policy case for a positive price on the public good is stronger than Blomquist and …

. Second, we propose and illustrate an alternative, preference based, method for estimating consumer responses to price changes … under these conditions. Our preference based approach yields price elasticities on the order of 0.4 and a quot …;utilities expenditurequot; elasticity of near unity. This research highlights the possibility that households may be more sensitive to price …

three independent components: idiosyncratic relative-price changes, a low-dimensional index of aggregate relative-price … price changes to fundamental economic shocks. We use the estimates of the pure inflation and aggregate relative-price … are they related to conventional measures of monetary policy and relative-price shocks? We find that pure inflation …

. Asset price movements induced by changes in trend growth influence balance-sheet conditions that determine the external … the asset price gap represents distortions in the resource allocation induced by financial market imperfections more … calculation of the potential and thus reduces the benefit of responding to the asset price gap. A policy that responds to the …