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A contribution to the empirics of welfare growth
(2013)
This paper compares the determinants of economic growth and 'full' income growth. Our main result is that determinants may differ or have very different impact on welfare outcomes as compared to economic outcomes. Human ...
Global versus local shocks in micro price dynamics
(2016)
A number of recent papers point to the importance of distinguishing between the price reaction to macro and micro shocks. We emphasize instead the importance of distinguishing between global and local shocks. We exploit a ...
Understanding european real exchange rates
(2005)
We study good-by-good deviations from the Law-of-One-Price (LOP) for over 1,800 retail goods and services between all European Union (EU) countries for the years 1975, 1980, 1985, and 1990. We find that for each of these ...
Understanding Post-Euro Law-of-One-Price Deviations
(2016)
We put together a unique panel of thousands of good-level prices before and after the euro to compare the determinants and understand the evolution of goods price dispersion across Europe over time. We find that tradeability ...
Education Externalities on Longevity
(2013)
We argue that education exerts positive external effects on health, beyond the standard internal effects documented in the literature. We implement an innovative approach to control for endogeneity and omitted variables ...
How different are Monetary Unions to national economies according to prices?
(Wiley, 2022-09)
Not that different. Based on a unique dataset of semi-annual microeconomic price levels of goods and services across and within countries for 1990:1–2018:2, we show that time-series volatility and cross-sectional dispersion ...
Understanding post-crisis price deviations in Europe: disintegration or mere adjustment?
(2016)
We put together a unique panel of thousands of good-level prices before and after the euro
in order to compare the determinants and understand the evolution of goods price dispersion
across Europe over time. We find that ...
Barriers to price convergence
(Wiley, 2018)
This paper uncovers novel empirical patterns in the cross-country price mechanism using a nonlinear factor model and threshold regression analysis based on individual goods retail price data for a large panel of countries. ...
Inflation Expectations and Monetary Policy Surprises
(Wiley, 2020-01)
We estimate monetary policy surprises for European consumers over time, based on monetary policy changes that were unanticipated according to consumers’ stated beliefs. We find that such monetary policy surprises have the ...
Law-of-One-Price deviations before and after the Euro: the case of Cyprus
(2014)
Did Cyprus become more integrated with Europe after adopting the
euro? How did this process affect its prices relative to its European partners? Does the degree of integration relative to European Union (EU)
economies ...