The Equilibrium and Optimal Timing of Price Changes
研究价格调整时机的均衡是否有效率，发现交错定价可能稳定但低效，而同步定价可能更优，对研究价格粘性和经济波动的学者有参考价值。
This paper studies the welfare properties of the equilibrium timing of price changes. Staggered price setting has the advantage that it permits rapid adjustment to firm-specific shocks, but the disadvantages that it causes unwanted fluctuations in relative prices and that, by creating price level inertia, it can increase aggregate fluctuations. Because each firm ignores its contribution to these problems, staggering can be a stable equilibrium even if it is highly inefficient. In addition, there can be multiple equilibria in the timing of prices changes; indeed, whenever there is an inefficient staggered equilibrium, there is also an efficient equilibrium with synchronized price setting.