Partial Adjustment and Staggered Price Setting
在一个小型优化IS/LM模型中比较泰勒式交错价格设定与部分调整（或卡尔沃交错）模型，发现两者对冲击的动态响应差异很大，且卡尔沃模型的价格刚性福利成本是泰勒模型的八倍以上。
This paper compares Taylor-style staggered price setting to partial adjustment of prices (or Calvo staggering) in a small optimizing IS/LM model. In contrast to the overwhelming perception in the literature, the models are not similar for most parameterizations. In particular, the dynamic response of the economy to shocks is quite different in the two models, and the welfare cost of price rigidity is eight or more times larger in the Calvo model than in the Taylor model (for typical calibrations). Suggestions for calibrations under which the models are more similar are also presented.