Sticky Goods Prices, Flexible Asset Prices, Monopolistic Competition, and Monetary Policy
构建了一个粘性商品价格下的货币一般均衡资产定价模型，垄断竞争企业最大化股票市值，导致资源利用不足和产能过剩，竞争程度影响产能利用率，货币政策可影响产出和资产价格。
A monetary general equilibrium asset-pricing model with sticky goods prices is developed. Goods prices are set by monopolistically competitive firms that maximize stock market value. Equilibria with underutilization of resources, excess capacity, in some states result, in contrast to previous monetary asset-pricing models. The degree of competition affects capacity utilization. Monetary policy can affect output and resource utilization, in addition to real asset prices, depending upon the amount of information available to the monetary authority.