Product Creation and Destruction: Evidence and Price Implications
---- Acknowledgments ----
The authors wish to thank the NSF (grant #0214378) and the Federal Reserve Bank of New York for providing critical financial support for this project. We would like to thank the Director of Research at the FRBNY, Joseph Tracy, for his early support of this project. We would also like to thank ACNielsen's vice-president of Pricing Research Frank Piotrowski, Ivan Rocabado, and Maura Elhbretch for their careful explanation of the data, and Olivier Blanchard, Jeff Campbell and Steve Davis for very useful comments. Nonetheless, the views expressed here, do not reflect those of the Federal Reserve System, and all errors remain our own. Alexis Antoniades provided us with outstanding research assistance. In addition, we would like to thank the Global Financial Markets Initiative at the University of Chicago GSB for research support. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.