MARKET POWER, PRICE ADJUSTMENT, AND INFLATION*
研究消费者搜寻强度变化导致的市场势力内生波动如何影响价格对生产率和货币增长率的调整程度，校准模型显示加价具有逆周期特征，且高通胀降低平均加价并提高价格敏感度。
We study a monetary search economy in which endogenous fluctuations in market power driven by changes in consumers' search intensity determine the extent of price adjustment to movements in productivity and the money growth rate. A calibrated version of the economy exhibits countercyclical fluctuations in markups and is consistent with the observed incomplete response of nominal prices to cost movements associated with productivity fluctuations and to changes in the money growth rate. Furthermore, a higher average rate of inflation results in a lower average markup and increases the sensitivity of prices to fluctuations in either productivity or money growth.