Toward a General Theory of Wage and Price Rigidities and Economic Fluctuations
假设经济大波动源于对冲击的调整问题，特别是工资和价格调整。作者分析价格设定过程，解释价格刚性及不同价格调整速度差异的原因，并探讨非对称价格响应的后果。
This article begins with the hypothesis that large economic fluctuations--the marked changes in the unemployment rate that characterize market economies--are a consequence of problems of adjustment to disturbances, especially adjustments of wages and prices. The article argues that because different prices (including prices of labor and capital) are determined in different ways, shocks lead to marked changes in relative prices, and those disturbances in relative prices greatly exacerbate economic fluctuations. The author looks closely at the price-setting process, providing further insights into why prices exhibit rigidities and why different prices may adjust at different rates. He then explores the consequences of asymmetric price responses.