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Crucini, Mario J. - 2013

We use a unique panel of retail prices spanning 123 cities in 79 countries from 1990 to 2005, to uncover six novel properties of long-run international price dispersion. First, at the PPP level, virtually all (91.6%) of price dispersion is attributed to service-sector wages, consistent with a...

Persistent link: https://www.econbiz.de/10013086670

Measuring Product-Market Integration

Knetter, Michael M.; Slaughter, Matthew J. - 2022

Globalization -- the integration of national economies -- has become one of the most widely used buzzwords of the late 20th century. Yet there are remarkably few statistical measures of product-market integration across time, countries, and goods. In this paper we present some new measures of...

Persistent link: https://www.econbiz.de/10014200258

Market Integration and Contagion

Bekaert, Geert - 2010

Contagion is usually defined as correlation between markets in excess of what would be implied by economic fundamentals; however, there is considerable disagreement regarding the definitions of the fundamentals, how the fundamentals might differ across countries, and the mechanisms that link the...

Persistent link: https://www.econbiz.de/10012762856

Market Integration and Convergence to the Law of One Price : Evidence from the European Car Market

Goldberg, Pinelopi K.; Verboven, Frank - 2022

This paper exploits the unique experiment of European market integration to investigate the relationship between integration and price convergence in international markets. Using a panel data set of car prices we examine how the process of integration has affected cross-country price dispersion...

Persistent link: https://www.econbiz.de/10013310788

Geographic Barriers to Commodity Price Integration : Evidence from Us Cities and Swedish Towns, 1732-1860

Crucini, Mario J. - 2015

We study the role of distance and time in statistically explaining price dispersion for 14 commodities from 1732 to 1860. The prices are reported for US cities and Swedish market towns, so we can compare international and intranational dispersion. Distance and commodity-specific fixed effects...

Persistent link: https://www.econbiz.de/10013033353

Great Inflation and Central Bank Independence in Japan

Ito, Takatoshi - 2010

Japan suffered a very high inflation rate in 1973-74. The CPI inflation rate rose to near 30% in 1974, the highest rate … monetary policy should not be overruled or the high inflation would be repeated. By this logic, the Bank of Japan obtained /de …, the Bank of Japan was able to tighten monetary policy and to contain the inflation rate under 10 percent. The interest …

Persistent link: https://www.econbiz.de/10013148095

How Much Do Official Price Indexes Tell Us About Inflation?

Handbury, Jessie - 2013

economics to build a Törnqvist inflation index for Japan between 1989 and 2010. Our comparison of this true inflation index with …Official price indexes, such as the CPI, are imperfect indicators of inflation calculated using ad hoc price formulae … different from the theoretically well-founded inflation indexes favored by economists. This paper provides the first estimate of …

Persistent link: https://www.econbiz.de/10013074909

Microeconomic Sources of Real Exchange Rate Variability

Crucini, Mario J. - 2012

We provide three sets of variance decompositions on microeconomic international relative price data. The first shows that the overall distribution of absolute deviations from the Law of One Price (LOP) is dominated by cross-sectional variation in long-term averages, not by time-series variation...

Persistent link: https://www.econbiz.de/10013107996

On the Instability of Variance Decompositions of the Real Exchange Rate Across Exchange-Rate-Regimes : Evidence from Mexico and the United States

Mendoza, Enrique G. - 2021

Variance decompositions of the Mexico-United States real exchange rate are examined using monthly data on consumer prices and the nominal exchange rate for the period January, 1969 to February, 2000. The results show that the robust result found in industrial-country data that most of the...

Persistent link: https://www.econbiz.de/10013237548

Pricing-to-Market in a Ricardian Model of International Trade

Atkeson, Andrew - 2010

We study the implications for international relative prices of a simple Ricardian model of international trade with imperfect competition and variable markups, providing a tractable account of firm-level and aggregate prices. We show that both trade costs and imperfect competition with variable...

Persistent link: https://www.econbiz.de/10012760428