This paper surveys the literature on the linkages between asset prices and macroeconomic
outcomes. It focuses on three major questions. First, what are the basic theoretical linkages …

The Geography of the World Economy provides an in-depth and stimulating introduction to
the globalization of the world economy. The book offers a consideration of local, regional …

This paper first outlines the key stylized facts about changes in inflation dynamics in recent
years:(1) inflation persistence has declined,(2) the Phillips‐curve has flattened and (3) …

Over the past 20 years, US import prices have become less responsive to the exchange rate.
We propose that a significant portion of this decline is a result of increased trade integration …

Abstract The Great Financial Crisis of 2007-09 confirmed the vital importance of advancing
our understanding of macrofinancial linkages, the two-way interactions between the real …

It has been found that the pass‐through of the exchange rate and import prices to domestic
prices has weakened over time. The most recent research, however, shows that this trend …

By Pinelopi Koujianou Goldberg and Rebecca Hellerstein* ever. This paper lays out a
structural approach that can be used to identify the determinants of incomplete exchange …

In the microdata underlying US trade price indexes, 40 percent of products are replaced
before a single price change is observed and 70 percent are replaced after two price …

Both traded and nontraded goods prices can be sensitive to exchange rate movements.
There are a number of forces that contribute to less than complete pass-through of exchange …

The dispersion of many economic variables is countercyclical. What drives this fact? Greater
dispersion could arise from greater volatility of shocks or from agents responding more to …