Menu costs and asymmetric price adjustment
研究垄断者在随机成本、温和通胀和调价成本下的最优定价，发现降价幅度更大但频率更低，且价格对成本上升的反应快于下降，输入价格波动越小不对称性越明显。
We study optimal price setting by a monopolist in an infinite horizon model with stochastic costs, moderate inflation, and costly price adjustment. For realistic parameters, chosen to generate observed frequencies of price changes, the model can account for several aggregate regularities. In particular, price reductions are larger but less frequent than price increases, and prices respond considerably faster to cost increases than to cost decreases. The latter asymmetry is more pronounced when input prices are less volatile, as documented by Pelzman (2000).