The Output-Inflation Trade-off When Prices Are Costly to Change
在一个理性预期均衡经济中研究产出与通胀的权衡，其中价格调整成本高昂导致价格粘性，并证明价格粘性并非外生波动来源，而是货币政策过程的结果。
The output-inflation trade-off is investigated in a rational expectations equilibrium economy in which costly price setting makes it inefficient for agents to vary their prices at every instant. It is shown that "sticky prices" are not some exogenous source of output fluctuation but result from the monetary policy process. An economy with slow and counterinflationary money growth exhibits staggered changes in sticky prices as assumed in some "new-Keynesian" analyses. An economy with fast money growth and a high degree of monetary accommodation exhibits either flexible prices or "bunched," frequently changing sticky prices.