| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17815 |
| 来源ID | Working Paper 17815 |
| Noisy Information, Distance and Law of One Price Dynamics Across US Cities | |
| Mario J. Crucini; Mototsugu Shintani; Takayuki Tsuruga | |
| 发表日期 | 2012-02-02 |
| 出版年 | 2012 |
| 语种 | 英语 |
| 摘要 | Using micro price data across US cities, we provide evidence that both the volatility and persistence of deviations from the law of one price (LOP) are positively correlated with the distance between cities. A standard, two-city, equilibrium model with time-varying technology under homogeneous information can predict the relationship between the volatility and distance but not between the persistence and distance. To account for the latter fact, we augment the standard model with noisy signals about the state of nominal aggregate demand that are asymmetric across cities. We further establish that the interaction of imperfect information and sticky prices improves the fit of the model. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Business Cycles ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w17815 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575490 |
| 推荐引用方式 GB/T 7714 | Mario J. Crucini,Mototsugu Shintani,Takayuki Tsuruga. Noisy Information, Distance and Law of One Price Dynamics Across US Cities. 2012. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17815.pdf（332KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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