Understanding Long-run Price Dispersion
---- Acknowledgements ----
We especially thank Mary Amiti, Eric Bond, Paolo Pesenti and Robert Vigfusson for valuable comments and criticisms as well as participants at numerous conferences and seminars. We gratefully acknowledge the financial support of the National Science Foundation (SES-1030164). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.