Inflation Dynamics and Time-Varying Volatility: New Evidence and an Ss Interpretation*
论证高波动时期货币政策对实际产出的刺激效果减弱，因为企业更频繁调价导致名义刺激主要推高通胀而非产出，并利用CPI微观数据验证了包含波动冲击的价格设定模型。
Abstract Is monetary policy less effective at increasing real output during periods of high volatility than during normal times? In this article, I argue that greater volatility leads to an increase in aggregate price flexibility so that nominal stimulus mostly generates inflation rather than output growth. To do this, I construct price-setting models with “volatility shocks” and show these models match new facts in CPI micro data that standard price-setting models miss. I then show that these models imply that output responds less to nominal stimulus during times of high volatility. Furthermore, because volatility is countercyclical, this implies that nominal stimulus has smaller real effects during downturns. For example, the estimated output response to additional nominal stimulus in September 1995, a time of low volatility, is 55% larger than the response in October 2001, a time of high volatility.