State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output
构建了一个易处理的状态依赖定价理论框架，研究最优定价如何受货币冲击持续性、劳动供给和商品需求弹性以及货币需求利率敏感性的影响。
Economists have long suggested that nominal product prices are changed infrequently because of fixed costs. In such a setting, optimal price adjustment should depend on the state of the economy. Yet, while widely discussed, statedependent pricing has proved difficult to incorporate into macroeconomic models. This paper develops a new, tractable theoretical state-dependent pricing framework. We use it to study how optimal pricing depends on the persistence of monetary shocks, the elasticities of labor supply and goods demand, and the interest sensitivity of money demand.