Bergin, Paul R.; Glick, Reuven; Wu, Jyh-Lin - Federal Reserve Bank of San Francisco - 2010
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 …