Can More Frequent Price Changes Lead to Price Inertia? Nonneutralities in a State-Dependent Pricing Context
提出一个广义的(s,S)状态依赖定价模型，其中菜单不仅因价格错位而改变，还因产品组合变化等因素而调整。该模型产生了总体价格惯性，推翻了状态依赖定价背景下关于中性的早期重要结论，并调和了状态依赖与时间依赖规则。
The authors present a generalized (s,S) state-dependent pricing model in which menus are changed, not just in response to price misalignment but also in response to factors such as changing product mix. Their model generates aggregate price inertia, and so reverses an important earlier result on neutrality in state-dependent pricing contexts in more general settings than previous modifications. It also provides a compromise between state- and time-dependent rules, gives a glimpse at the dynamic implications of menu cost models, and reproduces two recent results: one on Phillips curve slopes and one on asymmetric fluctuations. Copyright 1997 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.