Sluggish Responses of Prices and Inflation to Monetary Shocks in an Inventory Model of Money Demand
在货币需求的库存理论模型中分析价格和通胀对货币冲击的反应，发现家庭货币库存动态导致价格水平对货币供给增加反应缓慢，通胀对名义利率上升反应也缓慢，且这种名义粘性在量化例子中显著且持久。
We examine the responses of prices and inflation to monetary shocks in an inventory-theoretic model of money demand. We show that the price level responds sluggishly to an exogenous increase in the money stock because the dynamics of households' money inventories leads to a partially offsetting endogenous reduction in velocity. We also show that inflation responds sluggishly to an exogenous increase in the nominal interest rate because changes in monetary policy affect the real interest rate. In a quantitative example, we show that this nominal sluggishness is substantial and persistent if inventories in the model are calibrated to match U.S. households' holdings of M2. (c) 2009 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology..