Frequency of Price Adjustment and Pass-Through
利用美国进口价格数据，发现价格调整频率高的商品长期汇率传递率是低频调整商品的两倍以上，并从理论上解释了这一关系源于可变加价对利润函数曲率的影响。
We empirically document, using U.S. import prices, that on average goods with a high frequency of price adjustment have a long-run pass-through that is at least twice as high as that of low-frequency adjusters. We show theoretically that this relationship should follow because variable mark-ups that reduce long-run pass-through also reduce the curvature of the profit function when expressed as a function of cost shocks, making the firm less willing to adjust its price. We quantitatively evaluate a dynamic menu-cost model and show that the variable mark-up channel can generate significant variation in frequency, equivalent to 37% of the observed variation in the data. On the other hand, the standard workhorse model with constant elasticity of demand and Calvo or state-dependent pricing has difficulty matching the facts. (c) 2010 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology..