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Aug 5, 2009 - Fax: +41—44—631—3901, Email: [email protected]. ...... to the New Keynesian Framework, Princeton, NJ: Princeton Univ. Press, 2008.

Aug 5, 2009 - Board of Governors of the Federal Reserve System. Monetary Policy Response to Oil Price Shocks. Jean-Marc Natal. Swiss National Bank.

Dec 15, 2006 - for an equilibrium to involve price dispersion, i.e., the state where some firms ... ered: nonsequential search and what we call noisy sequential search. ...... 54, Center for Mathematical Studies in Economics and Management ...

nonsequential search often has many equilibria, some with price dispersion. Also, price dispersion holds in ... non.2 In the present study results from this consumer search literature will be used in specifying the demand .... expected profit of a fi

Oil production usually accounts for a large share of the GDP of oil-ex- ... short-term elasticities of substituting between energy and other inputs are both quite .... data sources, lists the selected MENA countries, and contains a brief overview of

For instance, in the presence of search costs, firm entry does not necessarily improve ...... inside a circle of radius p of distance around their home, which we call consumer ijs Vcatchment ..... tionV CEPR Applied IO Conference, Mannheim.

economic activity reacts more aggressively to oil shocks when macroeconomic volatility is already high. ... allowed to determine whether the economy is in a high or low uncertainty regime.2 is. 2 We discuss possible ...... price shocks - A comparativ

Following Baum and Wan (2010), the first alternative measure ..... 20 There is an extensive literature that deals with the effect of uncertainty on investment dynamics, .... [43] Regnier, E. (2007): Oil and energy price volatility, Energy Economics, 

Jan 30, 2006 - consumers and small businesses. .... services which represent the total output [of a standard item] of an industryQ, averaged over ... a broad range of other products to answer the question whether oil and energy are really.

price dispersion to establish the importance of consumer search. ... period, and thus we expect search to be related to changes in the ranking of firms' prices.

This article studies the role of imperfect information in explaining price dispersion. We use a new panel data set on the U.S. retail gasoline industry and propose ...

Demand one unit of each good. Contact one seller w.p. α (captive), two w.p. 1 − α .... Dynamic model: Buyer contacts unchanged with prob ρ, new draw with prob ...

Bank of Atlanta or the Federal Reserve System. The research presented here was primarily .... airline price dispersion and measures of the business cycle that we document is due in part to price discrimination ...... Evidence from Scanner Data,' Amer

of the data shows that this does not appear to be happening. On the contrary, it appears that China's exports do not suffer from the increase in the price of oil.

over time, which is in line with the existing evidence comparing the impact of ...... Price Increases on Economic Activity', Journal of Money, Credit and Banking, ...

Sources: US Bureau of Labor Statistics; US Energy Information Administration; authors' calculations ... Since the prices of alternative sources of energy typically.

natural resources affects conflict through the rapacity channel. ... sharp fall in coffee prices over 1997 to 2003 resulted in 4 percent more ... In addition, we consider and present evidence against two alternative mech% ..... and Energy (MME).

Feb 8, 2010 - discount factors and marginal rates of substitution in consumption damping inter- ... Spain, E-mail: [email protected], Phone: (+34)691316518, Fax: (+34)916249329. 1 .... business cycles in small commodity-exporting economy. ...... r

Since the prices of alternative sources of energy typically rise with the price of .... 3. Barsky and Kilian (2004) argue that even the oil shocks of the 1970s were mostly ..... could, for instance, be technology or aggregate demand shocks. Also, the

Jan 15, 2010 - a mortgage below the conforming loan limit. See Case and Shiller .... 30-year fixed rate mortgage between 1975 and 2007. This is the most ...

including advance-purchase requirements, nonrefundable tickets, and. Saturday night .... Section III includes our own fixed-effects panel analysis. Section IV .... The data also show a large amount of variation in competition over time within the ...

Italia and participants to the Bank of Canada Workshop on Commodity Price Issues, the. IMF Workshop on Open Economy Models for Policy Evaluation and ...