Are Prices too Sticky?
研究名义价格刚性带来的负外部性，即一家企业价格刚性会加剧总实际支出波动，损害所有企业。结论是外部性在波动幅度上是二阶的，但可能任意大，在合理参数下却很小。
Nominal price rigidity has a negative externality: rigidity in one firm's price increases the variability of aggregate real spending, which harms all firms. This paper investigates whether this externality is large, which would imply that stabilization policy can be highly beneficial even if the costs of making prices flexible are small. There are three conclusions. First, both the private cost of price rigidity and the externality are second order in the size of fluctuations. Second, the externality can nonetheless be arbitrarily large. Third, in a simple model the externality is small for plausible parameter values.