This paper studies differences in consumers' grocery shopping behaviorwhen they shop online and in a brick-and-mortar store. To do so, Iassemble a new scanner dataset that tracks customers' grocery purchasesin-store and on the Internet. This allows comparison in behavior of thesame households,...

This paper presents a general equilibrium model that is consistent with recent empirical evidence showing that the U.S. price level and inflation are much more responsive to aggregate technology shocks than to monetary policy shocks. The model of this paper builds on recent work by Mackowiak and...

The speed of inflation adjustment to aggregate technology shocks is substantially larger than to monetary policy shocks. Prices adjust very quickly to technology shocks, while they only respond sluggishly to monetary policy shocks. This evidence is hard to reconcile with existing models of...

Before implementation, a new idea is a private good as it is both rivalrous and excludable. Its widespread economic consequences arise only when a researcher finds the market resources that suit its economic applicability. In this context we analyse how an increase in the size of business...

We analyze the effects of neutral and investment-specific technology shocks on hours worked and unemployment. We characterize the response of unemployment in terms of job separation and job finding rates. We find that job separation rates mainly account for the impact response of unemployment...