Menu Costs and the Neutrality of Money
构建了一个货币增长下企业内生价格调整的模型，采用(s, S)定价策略且价格调整不完全同步，发现总体价格粘性消失、货币中性，并探讨了企业价格调整与相对价格变动的关系。
A model of endogenous price adjustment under money growth is presented. Firms follow (s, S) pricing policies, and price revisions are imperfectly synchronized. In the aggregate, price stickiness disappears, and money is neutral. The connection between firm price adjustment and relative price variability in the presence of monetary growth is also investigated. The results contrast with those obtained in models with exogenous fixed timing of price adjustment.