Relative Prices as Aggregate Supply Shocks with Trend Inflation
修正了Ball和Mankiw的菜单成本模型，加入趋势通胀和前瞻性企业行为后，发现模型预测的价格变化均值与偏度相关性远弱于美国数据中的实际表现。
Ball and Mankiw (1995) use a static menu‐cost model to explain the historical behavior of the first and higher moments of commodity price changes in U.S. producer prices. We show that when appropriately modified for a world of positive trend inflation and forward‐looking behavior by firms, the menu‐cost model predicts a much weaker (possibly zero) correlation between the mean and the skewness of price changes than that found in the data.