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The Law of One Price without the Border: The Role of Distance versus Sticky Prices

โœ Scribed by Mario J. Crucini; Mototsugu Shintani; Takayuki Tsuruga


Book ID
111056241
Publisher
John Wiley and Sons
Year
2010
Tongue
English
Weight
657 KB
Volume
120
Category
Article
ISSN
0013-0133

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## Abstract We demonstrate the important implications of the assumptions of discrete time in many sticky price models of the macroeconomy. For a given level of menu costs, discrete time models imply longer average contract length but smaller real effects of both trend inflation and monetary shocks