Rational Expectations and Price Rigidity in a Monopolistically Competitive Market
分析不完全信息下垄断竞争市场面对意外扰动时的定价行为，发现当市场竞争极强时平均价格对短期扰动完全不敏感，而在特定条件下平均价格只对成本扰动敏感。
This paper analyses monopolistically competitive markets under incomplete information, facing unanticipated disturbances. Firms determine their prices before they have information about other firms' prices, and form their expectations about the average price rationally. If the market becomes very competitive in the sense that the price elasticity of individual demand is close to infinity, then the average price is completely insensitive to short-run unanticipated disturbances. In the intermediate case, if (a) cost disturbances are uniform and (b) demand and cost disturbances are correlated, then the average price is sensitive to cost and insensitive to demand.