What is the nature of the distributional effects of trade? This paper demonstrates conceptually and empirically the importance of 'trade-induced horizontal inequality,' i.e. inequality brought about by trade shocks that occurs among workers with the same level of earnings prior to the shock....

We characterize inflation dynamics during the Great Lockdown using scanner data covering millions of transactions for fast-moving consumer goods in the United Kingdom. We show that there was a significant and widespread spike in inflation. First, aggregate month-to-month inflation was 2.4% in...