The (Mis)Behaviour of the Aggregate Price Level
通过一个名义价格调整存在固定成本的模型，研究价格水平对随机货币冲击的反应，发现扩张性冲击比紧缩性冲击调整更快，且通胀预期与真实价格方差的关系仅在预期通胀超过临界值后才为正。
This paper investigates the response of the price level to random monetary shocks through a model of the fixed cost of changing a nominal price. It shows that in an inflationary environment, an expansionary monetary shock is accommodated faster than a contractionary monetary shock. Furthermore, when the average rate of monetary expansion increases, the lag in response to a positive shock decreases. The study also proves that the relationship between the expected rate of inflation and the variance of real prices is positive only above a critical level of expected inflation.