STATE DEPENDENT PRICING AND BUSINESS CYCLE ASYMMETRIES*
构建了一个状态依赖定价的动态一般均衡模型，研究货币冲击对产出和价格的非线性影响，发现价格对正向冲击的反应强于负向冲击，并能解释实证中产出波动的非对称性。
We present a tractable, dynamic general equilibrium model of state‐dependent pricing and study the response of output and prices to monetary policy shocks. We find important nonlinearities in these responses. For empirically relevant shocks, this generates substantially different predictions from time‐dependent pricing. We also find a distinct asymmetry with state‐dependent pricing: Prices respond more to positive shocks than they do to negative shocks. This is due to a strategic linkage between firms in the incentive for price adjustment. Our state‐dependent model can account for business cycle asymmetries in output of the magnitude found in empirical studies.