Prices are sticky after all
发现，虽然微观价格每四个月变动一次，但大部分变动是暂时的，而常规价格调整频率更低，因此总体价格水平粘性仍与标准模型一致，对货币传导机制有重要影响。
Economists have interpreted the evidence that prices change every four months as implying that sticky prices cannot be important for monetary transmission. Theory implies that this interpretation is correct if most price changes are regular, but not if a large fraction are temporary, as in the data. Since regular prices are much stickier than temporary ones, our models predict that the stickiness of the aggregate price level matches that in a standard Calvo model or a standard menu cost model in which micro-level prices change about once a year. In this sense, prices are sticky after all.