Sluggish Price Adjustments and the Effectiveness of Monetary Policy Under Rational Expectations: Comment
评论了价格缓慢调整是否否定卢卡斯-萨金特命题（系统货币政策无效），指出麦卡勒姆的模型表明价格粘性本身并不否定该命题，对关注货币政策有效性的学者有参考价值。
The question of the effectiveness of monetary policy has become one of the most controversial issues in macroeconomics in recent years. Sargent and Wallace [16] demonstrated that, in a model in which prices are assumed to atdjust to clear markets each period,1 output behaves according to the Lucas [9] supply function and expectations are formed according to the rational expectations hypothesis, any systematic monetary policy will be ineffective. (This proposition will be referred to, in this paper, as the Lucas-Sargent Proposition, the LSP.) Fischer [6] showed, however, that if wages are assumed to adjust sluggishly systematic monetary policy can be effective. The same conclusion was also reached by Phelps and Taylor [15], who assumed that the prices set by the firms are based on the expected price level and are sticky. The assumption of perfect price flexibility appeared to be crucial for the validity of the Since the empirical relevance of perfect price flexibility has long been seriously questioned,2 the practical importance of LSP seemed to be undermined. Thus, Modigliani [13] in his presidential address to the American Economic Association explicitly rejected the importance of the LSP and argued for an active stabilization policy. McCallum [10] has introduced price level stickiness into a model similar to the one used by Sargent and Wallace. He concluded that recognition of price level stickiness not, in and of itself, negate the Lucas-Sargent Proposition. In a recent paper in this jouinal, McCallum [11] has attempted to establish the basic compatibility of sluggish price adjustments and the LSP. In another paper he modified and extended this analysis to include the effects of oligopolistic pricing behavior on the validity of the LSP [12]. He again concluded that the failure of the LSP does not result because of markup pricing and sluggish adjustments. These