Understanding International Prices: Customers as Capital
提出一种基于动态市场占有率摩擦的定价理论，将客户关系视为资本，利用短期与长期价格弹性差异校准模型，解释了国际宏观经济学中的几个定价谜题。
The article develops a new theory of pricing to market driven by dynamic frictions of building market shares. Our key innovation is a capital theoretic model of marketing in which relations with customers are valuable. We discipline the introduced friction using data on differences between short-run and long-run price elasticity of international trade flows. We show that the model accounts for several pricing “puzzles” of international macroeconomics.