Sales and Monetary Policy
构建了一个宏观经济模型，解释企业为何频繁进行临时降价（销售），并指出销售行为具有战略替代性，导致即使单个价格灵活，总体价格水平仍缺乏弹性，货币政策因此产生实际效应。
A striking fact about pricing is the prevalence of “sales”: large temporary price cuts followed by prices returning to exactly their former levels. This paper builds a macroeconomic model with a rationale for sales based on firms facing customers with different price sensitivities. Even if firms can adjust sales without cost, monetary policy has large real effects owing to sales being strategic substitutes: a firm's incentive to have a sale is decreasing in the number of other firms having sales. Thus the flexibility seen in individual prices due to sales does not translate into flexibility of the aggregate price level.