The Adjustment of Prices to Monetary Shocks when Trade is Uncertain and Sequential
研究贸易不确定且顺序进行时，货币冲击对价格的影响。与固定价格模型不同，卖家可在交易中调整价格；与卢卡斯模型不同，这里不存在货币供给信息不对称。单个卖家报价调整缓慢，但报价分布完全适应目标货币供给变化，实际价格分布独立于预期货币供给变化率。
Trade is both uncertain and sequential. Money surprises are not neutral because prices at the beginning of the trading process cannot depend on its end. In contrast with fixed-price models, in this paper sellers can change prices during trade. In contrast with Robert E. Lucas's article, here there is no asymmetry in the information about the money supply. The price quoted by individual sellers may adjust slowly to changes in the targeted money supply but the distribution of quoted prices adjusts perfectly to these changes and the real price distribution is independent of the anticipated rate of change in the money supply. Copyright 1994 by University of Chicago Press.