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This paper studies monetary-policy shocks, deŽ ned from federal funds target movements relative to daily interest-rate data. These shocks are nearly ideal measures of unexpected movements in mo...
We explore the performance of multi-round, price-guided combinatorial auctions for a previously untested class of auction profiles; one with synergies resulting from shared fixed costs. These new pr...
Bid,Ask and Transactions Prices in a Specialist Market with Insider Trading.
This article establishes six stylized facts about firms’ export prices using detailed customs data on the universe of Chinese trade flows. First, across firms selling a given product, exporters that...
We explore the performance of multi-round, price-guided combinatorial auctions for a previously untested class of auction profiles; one with synergies resulting from shared fixed costs. These newprof...
We use theory and experiment to explore the performance of multi-round, price-guided, combinatorial auctions. We define efficiency-relevant and core-relevant packages and show that if bidders bid aggr...
Some Evidence on the Importance of Sticky Prices.
The positive correlation between real investment rates and real income levels across countries is driven largely by differences in the price of investment relative to output. The high relative price o...
In the U.S. and Europe, prices change at least once a year. Yet nominal macro shocks seem to have real effects lasting well beyond a year. ‘‘Sticky information’’ models, as posited by Mankiw and Reis ...
We provide a graphical illustration of how standard consumer and producer theory can be used to quantify the welfare loss associated with inefficient pricing in insurance markets with selectio...
Since the early 1970s, movie theaters in the United States have employed a pricing model of uniform prices for differentiated goods. At any given theater, one price is charged for all movies, seven d...
Prescription drug expenditures represent the most rapidly growing component of health care spending, increasing from 5 percent of health care spending in 1980 to more than 10 percent by 2005 (Centers ...
Part D represents the largest expansion of Medicare since the program’s inception in 1965.Though initially projected to cost the federal government $780 billion over its first ten years (2006–2015), i...
Generic drugs comprise an increasing share of total prescriptions dispensed in the U.S., rising from nearly 50% in 1999 to 75% in 2009. The generic drug market has typically been viewed at the wholesa...
This paper argues that international commercial agreements can enhance the credibility of trade liberalization by mitigating two problems – adverse selection and time-inconsistency – that sometimes ...

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