CONSUMER SEARCH, PRICE DISPERSION, AND INTERNATIONAL RELATIVE PRICE FLUCTUATIONS*
构建了一个消费者搜索模型，利用各国国内价格离散和购物时间数据，研究一价定律偏离和相对价格波动，发现搜索摩擦导致企业根据当地工资进行价格歧视，模型能复现实际数据中的波动特征。
This article develops a model of consumer search consistent with the evidence of substantial price dispersion and time spent shopping within countries to study international deviations from the law of one price (LOP) and relative price fluctuations. Search frictions lead firms to price discriminate across markets based on the opportunity cost of search, which depends on the local wage. With productivity and taste shocks estimated from the data, deviations from the LOP are as volatile and persistent as in the data. Fluctuations in relative wages, real exchange rates, and the terms of trade are also consistent with the data.