Menu Costs at Work: Restaurant Prices and the Introduction of the Euro*
用菜单成本模型解释欧元引入后餐馆价格大幅上涨的现象，指出企业集中调价和“地平线效应”是两大机制，对研究价格刚性和货币转换的经济影响有参考价值。
Restaurant prices in the euro area increased dramatically after the introduction of the euro. We show that this increase can be explained by a common menu cost model, extended to include a state-dependent decision of firms on when to adopt the new currency. Two mechanisms drive this result. First, firms concentrate otherwise staggered price increases around the changeover. Second, before the adoption of the euro, prices do not reflect the marginal cost increases expected to occur after the changeover. This "horizon effect" disappears as soon as the new currency is adopted, causing a jump in the optimal price.