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 …

into international market integration and the behavior of international relative prices. As one example, it provides a … margin forms a link holding together the prices of traded and nontraded goods. The paper goes on to find that endogenizing …