A Theory of Price Rigidities When Quality is Unobservable
构建了一个竞争市场模型，研究需求随机波动时价格和产量的调整。当产品质量不可观测时，需求序列相关性越高，价格越刚性、产量变动越大；低相关性时价格比质量可观测时更灵活，高相关性时则更刚性。
A theory of price and quantity adjustments in response to stochastic changes in demand is developed for competitive markets. The level of demand is observable but product quality is not. It is shown that the higher the serial correlation of demand, the more rigid are prices and the greater the change in ouputs. If the correlation is low, prices are less rigid than when quality is observable; if it is high, they can be more rigid. Even with downward sloping demand and upward sloping supply curves, prices can be completely rigid.