Research on real exchange rates and inflation : An approach from a good-specific price stickiness

本研究项目采用美国的微观价格数据，讨论良好水平通胀和一价偏差定律。更具体地说，它试图揭示价格粘性程度和价格动态之间的相互作用。这个项目由两篇论文组成。第一篇论文实证考察了良好水平通胀对货币政策冲击和技术冲击的动态响应，并试图对这种动态响应提供理论解释。第二篇论文关注的是美国城市中“一价偏差定律”的持久性。有人认为，不完全信息可能在解释美国各城市相对价格的观察持久性方面发挥重要作用。

This research project employs the micro price data in the US and discusses good-level inflation and law-of-one-price deviations. More specifically, it attempts to uncover the interaction between the degrees of price stickiness and the price dynamics. The project consists of two papers. The first paper empirically investigates the dynamic responses of the good-level inflation to monetary policy shocks and technology shocks and attempts to provide theoretical explanations for the dynamic responses. The second paper focuses on the persistence of the law-of-one-price deviations across US cities. It is argued that the imperfect information may play an important role in accounting for the observed persistence of relative prices across US cities.