ABSTRACT. Ang and Piazessi construct the measures of real activity and inflation as the first principal component of a large set of candidate macroeconomic series, to avoid relying on specific macro series. Obstfeld claims that the limited pass-through of exchange rate changes to consumer import prices does not lead to the conclusion that optimal policy regimes should sharply limit exchange rate movements. Tadesse uses the average number of analyst-following per bank in a country as a proxy for the amount of private information acquisition.



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