On the Stubbornness of Sticky Prices
用一个简单的菜单成本例子，区分了价格粘性与价格向下刚性，发现预期通胀率下降时企业会立即提价，导致价格向下刚性。
This paper presents a simple menu cost example in which there is a clear distinction between price stickiness and downward rigidity of prices. While price stickiness may or may not exist in menu cost models, downward rigidity shows up whenever there is a reduction of the expected rate of inflation. This reduction changes the optimal target and threshold for each firm. For some, it also implies an immediate increase of their own price. This upward jump of prices in case of a disinflationary attempt is interpreted as downward rigidity since there are no symmetric forces when expected inflation increases. Copyright 1991 by Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association.