Endogenous reference price auctions for a diverse set of commodities: an experimental analysis.

Unlabelled: This paper is concerned with multi-object, multi-unit auctions with a budget constrained auctioneer who has noisy value estimates for each object. We propose a new allocation mechanism, the , with two key features. First, bids are normalized across objects using "reference prices.

How economic crises affect inflation beliefs: Evidence from the Covid-19 pandemic.

This paper studies how inflation beliefs reported in the New York Fed's Survey of Consumer Expectations have evolved over the first six months of the Covid-19 pandemic. We find that household inflation expectations responded slowly and mostly at the short-term horizon. In contrast, the data reveal immediate and unprecedented increases in individual inflation uncertainty and in inflation disagreement across respondents.