Sticky-price models often suggest that relative price distortion is a major cost of in‡ation. We provide an intuition for this: Even at low rates, in‡ation strongly a¤ects price dispersion which in turn has an impact on the economy qualitatively similar to, and of the order of magnitude of, a negative shift in productivity. The utility cost of price dispersion is quanti…ed and its impact on opt...

We document that within industry relative valuations implicit in analyst target prices do provide investors with valuable information although the implied absolute valuations themselves are much less informative. Importantly, our findings are not merely a small stock phenomenon but apply to the sample of S&P 500 stocks and do not rely on trading at the exact time of announcement. Using a large ...

This paper presents out-of-sample inflation forecasting results based on relative price variability and skewness. It is demonstrated that forecasts on long horizons of 1.5-2 years are significantly improved if the forecast equation is augmented with skewness. JEL: E17, E31, C43

We study the optimal transition from fossil fuels to renewable energy in a neoclassical growth economy with endogenous technological progress in energy production. Technological innovations maintain a fairly constant cost of fossil fuel energy even as increased exploitation raises mining costs. Nevertheless, the economy transitions to renewable energy once energy costs escalate after about 80% ...

nowadays, factor of energy besides other factors such as labor and capital plays an important role in agricultural production. energy is used as a factor for agricultural machines and instruments. important discussion about this subject is the reaction rate of energy demand to price variations of energy and other factors. so, this study estimates the functions of energy demand in agricultural s...

Energy plays a significant role in today's developing societies. The role of energy demands to make decisions and policy with regard to its production, distribution, and supply. The vital importance of energy, especially fossil fuels, is a factor affecting agricultural production. This factor has a great influence on the production of agricultural products in Iran. The forecast of the con...