Why are gasoline prices sticky? A test of alternative models of price adjustment
利用每日批发汽油价格数据，通过自回归条件二项模型检验不同价格粘性机制，发现菜单成本和信息处理延迟被拒绝，而公平定价策略对解释价格粘性起重要作用。
Abstract Macroeconomic models of business cycles rely on the assumption that firms adjust prices infrequently to generate the short‐run non‐neutrality of money documented by the monetary transmission literature. They posit different mechanisms to generate price stickiness, with correspondingly different implications for inflation dynamics. Using an autoregressive conditional binomial model, we test which mechanism is most consistent with the pattern of price adjustment found in daily wholesale gasoline price data. Our results lead us to reject menu costs and information‐processing delays but suggest that strategic considerations related to the idea of ‘fair pricing’ play an important role in accounting for price stickiness. Copyright © 2009 John Wiley & Sons, Ltd.