Pricing, Production and Persistence
指出，现代粘性价格模型难以产生货币冲击后持久的经济波动，原因是其对实际边际成本周期行为的标准假设有误。作者通过一般均衡模型，引入生产投入、产能利用率和就业变动等现实因素，大幅降低了边际成本对产出的弹性，从而增强了波动的持续性。
Though built with increasingly precise microfoundations, modern optimizing sticky price models have displayed a chronic inability to generate large and persistent real responses to monetary shocks, as recently stressed by Chari, Kehoe, and McGrattan [2000]. This is an ironic finding, since Taylor [1980] and other researchers were mo-tivated to study sticky price models in part by the objective of generating large and persistent business fluctuations. We trace this lack of persistence to a standard view of the cyclical behavior of real marginal cost built into current sticky price macro models. Using a fully articulated general equilibrium model, we show how an alternative view of real marginal cost can lead to substantial persistence. This alternative view is based on three features of the “supply side ” of the economy that we believe are realistic: an important role for produced inputs, variable capacity utilization, and labor supply variability through changes in employment. Importantly, these “real flexibilities ” work together to dra-matically reduce the elasticity of marginal cost with respect to output, from levels