NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Law of One Price Without the Border: The Role of Distance Versus Sticky Prices

Mario J. Crucini, Mototsugu Shintani, Takayuki Tsuruga

NBER Working Paper No. 14835
Issued in April 2009

---- Acknowledgements -----

We are indebted to Chikako Baba, Paul Evans and Masao Ogaki for valuable comments on the earlier draft. We also thank seminar participants at Hitotsubashi, Osaka, Queen's, and Tohoku University and Bank of Canada and Bank of Japan for helpful comments and discussions. Mario J. Crucini and Mototsugu Shintani gratefully acknowledge the financial support of National Science Foundation (SES-0136979, SES-0524868). Takayuki Tsuruga gratefully acknowledges the financial support of Grant-in-aid for Scientific Research. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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