Sticky-Price Models and Durable Goods
研究耐用品部门在粘性价格模型中的作用，发现即使大部分价格灵活，小部分耐用品粘性价格也能使货币政策显著影响总产出；反之，灵活定价的耐用品可能抵消标准粘性价格模型的效果。
The inclusion of a durable goods sector in sticky-price models has strong and unexpected implications. Even if most prices are flexible, a small durable goods sector with sticky prices may be sufficient to make aggregate output react to monetary policy as though most prices were sticky. In contrast, flexibly priced durables with sufficiently long service lives can undo the implications of standard sticky price models. In a limiting case, flexibly priced durables cause monetary policy to have no effect on aggregate output. Our analysis suggests that durable goods prices are the most relevant data for calibrating price rigidity.