Sticky Prices in the United States
提出企业因担心得罪顾客而给价格变动赋予成本的理论，用战后美国数据估计理性预期均衡并检验，结果支持价格粘性，拒绝价格不粘的假设。
It has often been argued that prices are sticky in the United States. However, the empirical papers that have claimed to support this view have not reflected any formal behavioral theory. This paper presents a theory that justifies price stickiness, namely, that firms, fearing to upset their customers, attribute a cost to price changes. The rational expectations equilibrium of an economy with many such firms is presented, estimated with postwar U.S. data, and tested against alternative hypotheses. The results largely support the model. Furthermore, the hypothesis that prices are not sticky is rejected by U.S. data.