. 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 …

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 … accounts for 15-20% of the variability in inflation while our aggregate relative-price index accounts most of the rest …

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 …

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 …

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

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 …

We implement a new approach for the identification of news shocks about future technology. In a VAR featuring a measure … frequency variation in technology. News shocks are positively correlated with consumption, stock price, and consumer confidence … innovations, and negatively correlated with inflation innovations. The disinflationary nature of news shocks is consistent with …