Inflation Dynamics during the Financial Crisis
利用结合PPI商品价格与企业资产负债表的独特数据，发现流动性受限的公司在2008年提价，而非受限公司降价；模型显示金融扭曲促使企业为保留内部流动性而提价，削弱了通胀对产出波动的反应。
Using a novel dataset, which merges good-level prices underlying the PPI with the respondents' balance sheets, we show that liquidity constrained firms increased prices in 2008, while their unconstrained counterparts cut prices. We develop a model in which firms face financial frictions while setting prices in customer markets. Financial distortions create an incentive for firms to raise prices in response to adverse financial or demand shocks. This reaction reflects the firms' decisions to preserve internal liquidity and avoid accessing external finance, factors that strengthen the countercyclical behavior of markups and attenuate the response of inflation to fluctuations in output.