ABSTRACT. Fielding and Shields remark that an increase in the share of wholesale and retail firms in total employment is associated with greater sensitivity to monetary policy shocks. Using a structural VAR approach, Sousa and Zaghini find that after a monetary policy shock output declines temporarily, with the downward effect reaching a peak within the second year, and the global monetary aggregate drops significantly. When a set of consumption goods is nontraded and the consumption basket is distinct across countries, Duarte shows that the model is consistent with the observed relative price differentials across countries under a fixed exchange rate regime.