Inflation and the Distribution of Relative Prices: The Role of Productivity and Money Supply Shocks
通过估计包含总量变量和单个商品价格的受限VAR模型，分析生产率和货币供给冲击如何影响通胀与相对价格分布的关系，发现两种冲击均导致通胀与相对价格离散度正相关，且不同商品的价格反应长期也不一致。
This paper examines the role of aggregate productivity and money supply shocks in determining the relationship between inflation and the distribution of relative commodity prices. I estimate a restricted VAR that includes aggregate variables and individual commodity prices and compute the cross-sectional distribution of the dynamic responses of commodity prices to these aggregate shocks. The findings indicate that both shocks lead to positive correlation between inflation and the dispersion of relative prices and that the response of prices across commodities is not uniform, even in the long run.