Advertising is an input for many final goods, and broadcast television comprises a significant portion of ad-spending in the U.S. Yet advertisers face different costs when purchasing national television ads. We seek to confirm empirically whether there are differences in firms' costs to...

Recent research has shown that optimal monetary policy may display considerable price-level drift. Proponents of price-level targeting have argued that the costs of eliminating the price-level drift may be reduced if the central bank responds flexibly by returning the price level only gradually...