Aeroplanes are a fast but expensive means of shipping goods, which allow producers to respond quickly to favourable demand realisations and to limit the risk of shipping unproÖtably large quantities during low demand periods while substantially raising the transportation cost relative to ocean...

This paper explores patterns of quality differentiation and specialization relying on model-level panel data of retail sales and prices of refrigerators across 23 countries in the European Union. Unlike customs data aggregated at the product category, typically used in the literature,...

Recent macro-finance contributions explain a great deal of unconditional asset pricing by introducing persistent consumption risks and rare disasters. Only the volatility puzzles remain unresolved among the longer-established issues in this literature. Motivated by empirical finance...