(QHFT) model, we classify export goods (at the HS 6-digit level of disaggregation) by quality and price competition. We find …

up-to-date estimates of real consumption across countries without the need for consumer price index extrapolations. We …

This paper presents a new approach to assess the role of price mismeasurement in the productivity slowdown. I invert …-Douglas production function, output price mismeasurement only should affect the latter. Contrary to the mismeasurement hypothesis, I find …

States became apparent. The measurement of this productivity improvement depends on hedonic procedures adopted by the Bureau … hedonic methods may overstate the price decline of personal computers. We model computers as a durable good and suppose that … the true price of computer services at the time the machine is purchased with the concurrent level of software. To assess …

. 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 …