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This paper develops data on the history of wages and prices in Beijing, Canton, Suzhou/Shanghai in China from the eighteenth century to the twentieth and compare them with leading cities in Europe, Japan and India in terms of nominal wages, the cost of living, and the standard of living. In the...
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Using a model of island economy where financial markets aggregate dispersed informationof the public, we analyze how … two-way communication between the central bankand the public affects inflation dynamics. When inflation target is … observable and credibleto the public, markets provide the bank with information about the aggregate state ofthe economy, and …
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causality of the oil price by US inflation as is consistent with the theory. …
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