Asymmetric Price Adjustment and Economic Fluctuations
用菜单成本模型解释名义价格为何非对称调整：正向趋势通胀使企业相对价格自动下降，导致涨价冲击比降价冲击引发更大价格反应，并用于分析总需求、部门冲击和最优通胀率。
This paper considers a possible explanation for asymmetric adjustment of nominal prices. We present a menu-cost model in which positive trend inflation causes firms' relative prices to decline automatically between price adjustments. In this environment, shocks that raise firms' desired prices trigger larger price responses than shocks that lower desired prices. We use this model of asymmetric adjustment to address three issues in macroeconomics: the effects of aggregate demand, the effects of sectoral shocks, and the optimal rate of inflation.