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FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)Inflation,PriceDispersion,andWelfare:TheRoleofConsumerSearchFranciscaSara-Zaror2024-047Pleasecitethispaperas:Sara-Zaror,Francisca(2024).“Inflation,PriceDispersion,andWelfare:TheRoleofCon-sumerSearch,”FinanceandEconomicsDiscussionSeries2024-047.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.047.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.Inflation,PriceDispersion,andWelfare:TheRoleofConsumerSearchFranciscaSara-Zaror∗†‡May21,2024AbstractInstandardmacroeconomicmodels,thecostsofinflationaretightlylinkedtothepricedispersionofidenticalgoods.Therefore,understandinghowpricedispersionempiricallyrelatestoinflationiscrucialforwelfareanalysis.Inthispaper,Istudytherelationshipbetweensteady-stateinflationandpricedisper-sionforacrosssectionofU.S.retailproductsusingscannerdata.Byco...