Monopolistic Price Adjustment and Aggregate Output
研究企业认为调价有成本时对总产出行为的影响，构建了多企业理性预期均衡，证明名义冲击对总产出有持续影响，且实际工资呈顺周期变动。
This paper studies the consequences for the behaviour of aggregate output of the perception on the part of firms that changing prices is costly. The rational expectations equilibrium of an economy with many such firms is constructed. It is shown that in this economy nominal shocks have a persistent effect on aggregate output. Furthermore, the real wage is demonstrated to move procyclically in such an economy.