Search, Price Setting and Inflation
构建了一个包含消费者最优序贯搜索和厂商价格动态与进入的垄断竞争模型，分析通货膨胀环境下均衡价格策略（S,s）如何随搜索成本变化，并解释从竞争到垄断的连续谱系，以及通胀与价格离散的正向关系。
A model of monopolistic competition in an inflationary environment is developed which embodies optimal sequential search, price dynamics and entry on the part of consumers and firms respectively. Equilibrium price strategies are (S, s); these bounds increase continuously with consumer search costs, and so does price dispersion. Indeed, the whole equilibrium varies smoothly from the competitive (Bertrand) to the monopolistic (Diamond (1971)) end of the spectrum. The latter's paradoxical result is explained as a limiting case where frictions on firms' side of the market (price adjustment costs) but not on buyers' (search costs) tend to zero. A positive relationship between (smooth and perfectly anticipated) inflation and price dispersion or uncertainty is established.