A Tale of Two Rigidities: Sticky Prices in a Sticky‐Information Environment
构建了一个企业同时面临信息获取不频繁（粘性信息）和菜单成本（粘性价格）的模型，通过间接推断估计参数，发现粘性价格有助于匹配微观价格调整数据并改善宏观菲利普斯曲线的拟合。
Macroeconomic models with microeconomic foundations allow for comparisons with macro and micro empirical evidence. This paper proposes a model wherein firms: (i) acquire information infrequently, generating sticky information ( Mankiw and Reis 2002 ) and (ii) face menu costs, producing state‐dependent sticky prices. I estimate parameters via indirect inference and show that under considerable real rigidity, sticky prices in a sticky‐information environment are consistent with micro and macro evidence. Sticky prices not only help match micro data on price changes’ size and durations between adjustments; they also improve the model's fit with the macro data, as embodied in an empirical Phillips curve.