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NATIONAL BUREAU OF ECONOMIC RESEARCH
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The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation

Emi Nakamura, Jón Steinsson, Patrick Sun, Daniel Villar

NBER Working Paper No. 22505
Issued in August 2016

---- Acknowledgments ----

We owe an enormous debt of gratitude to Daniel Ginsberg, John Greenlees, Michael Horrigan, Robert McClelland, John Molino, Ted To and numerous others at the Bureau of Labor Statistics for their help in the decade-long project of constructing the dataset used in this paper. We would like to thank Nicolas Crouzet and Juan Herreño for excellent research assistance. We would like to thank Julio Andres Blanco, Ariel Burstein, and Robert King for valuable comments and discussions. We thank the National Science Foundation (grants SES-0922011 and SES-1056107) for financial support. The views expressed in this paper are those of the authors and are not necessarily those of the Federal Communications Commission or the National Bureau of Economic Research.

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