relative prices in microeconomic data. Error correction model estimates indicate that a different mix of shocks drives …, we find that micro relative prices exhibit every bit as much persistence as aggregate real exchange rates. These results … challenge theories of real exchange rate persistence based on sticky prices and heterogeneity across goods. © 2013 The President …

, this paper offers new evidence on the role of transportation costs in driving international price dispersion. …

be the hike in oil prices in recent years, which has raised transportation costs. …This Economic Letter reports on recent research that analyzes trends in global prices over the past decade and a half … fewer governmental barriers and declining costs for transportation and communication. Somewhat surprisingly, however, it …

.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 …

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 …

Prices of commodities including metals, energy, and food have been rising at double-digit rates in recent months. Some … to lower commodity prices even as long-term interest rates and the value of the dollar declined. …