A Kinked‐Demand Theory of Price Rigidity
为弯折需求曲线这一古老但非正式的价格刚性解释提供了微观基础，预测价格在近期变动后更易再次变动，且客户比价越容易的市场价格越灵活；宏观上捕捉了通胀与产出权衡中不受通胀预期影响的部分，从而长期存在。
Abstract I provide a microfounded theory for one of the oldest, but so far informal, explanations of price rigidity: the kinked‐demand curve theory. Kinked‐demand curves arise when some customers observe at no cost only the price at the store they are at. At the microlevel, the kinked‐demand theory predicts that prices should be more likely to change if they have recently changed, and more flexible in markets where customers can more easily compare prices. At the macrolevel, it captures a part of the inflation/output trade‐off that is not shifted by inflation expectations and therefore persists in the long run.