Data on international relative prices from industrialized countries show large and systematic deviations from relative … international relative prices. We find that when our model is parameterized to match salient features of the data on international …

productivity" channel. The relative price channel results from changes in the relative prices of aggregates, such as investment vis …

We show that house prices may be driven entirely by the demands of one identifiable group for several years and then by … demands of another group at other times. We present evidence that house prices in Hawaii were subject to such regime shifts …. Prices responded to demands associated with American income and wealth for most years from 1975 through 2008. From the middle …

.S. dollar and the British pound on announcement days, while commodity prices generally declined despite this more stimulative … triggering a decline in commodity prices. Moreover, our analysis illustrates the importance of controlling for market … expectations when assessing these effects. We find that positive U.S. monetary surprises led to declines in commodity prices, even …

processes in the two sectors. Restrictions from this model are used with data on wages and prices to construct measures of …

, our results indicate that the share of firms that change prices each quarter is just over 60 percent, broadly in line with … gathering/processing costs, we find that most firms that change prices are rule-of-thumb price setters. Finally, compared to …

relative prices in microeconomic data is much faster. This paper finds that adjustment to the law of one price in disaggregated … qualitatively distinct process, working through adjustment in local-currency goods prices. These distinct adjustment dynamics appear … nesting aggregate and disaggregated relative prices permits identification of distinct macroeconomic and good-specific shocks …