Predetermined Prices and Persistent Effects of Money on Output
展示了一种预定定价模型，其中企业在调整价格时设定固定的名义价格表，并证明在概率性价格调整下，该模型能产生与固定价格模型相当的货币冲击持续效应，而无需长期合同假设。
This note illustrates a model of predetermined pricing, where firms set a fixed schedule of nominal prices at the time of price readjustment, based on the work of Fischer (1977). This contrasts with the model of fixed pricing, the specification underlying most recent dynamic sticky-price models. It is well known that predetermined pricing cannot generate substantial persistence in the real effects of monetary shocks when prices are set via fixed duration contracts unless the contracts are of long duration. However, we show that with a probabilistic model of price adjustment, a predetermined pricing specification can produce almost as much persistence as the more conventional model of fixed prices, without the assumption of long average contract duration.