Foreign Currency Pricing
分析了一种特殊的美元化现象：以美元标价。作者用价格粘性解释这一现象，并建立模型证明对称企业经济中存在本币定价和美元定价两种纳什均衡，且外币定价可能具有滞后性。
A special case of dollarization is analyzed: quotation of prices in dollars. The proposed explanation is price stickiness: when price adjustment is costly, firms prefer to fix their prices in a stable foreign currency in order to avoid frequent price changes. The proposed model demonstrates that there are often two Nash equilibria in an economy populated by symmetric firms: an equilibrium with uniform domestic currency pricing and one with uniform dollar pricing. Hence, foreign currency pricing may exhibit hysteresis. The model also demonstrates that the degree of competition in the economy is important in determining the pricing currency.