Menu Costs, Aggregate Fluctuations, and Large Shocks
研究发现总体价格水平对大幅增值税变化反应灵活且不对称，并构建了一个包含菜单成本、趋势通胀和厚尾产品级冲击的定价模型来解释这一现象。
We document that the aggregate price level responds flexibly and asymmetrically to large positive and negative value-added tax changes. We present a price-setting model with menu costs, trend inflation, and fat-tailed product-level shocks that is consistent with these observations. The model predicts a flexible price-level response to standard monetary policy shocks because it anticipates a large number of firms on the verge of price adjustment and far from their optimal prices when the shock hits.