Incomplete Price Adjustment and Inflation Persistence
提出一个粘性通胀模型，通过前瞻性企业的优化行为内生生成通胀持续性，并利用美国数据验证了管理成本和顾客成本两种价格粘性来源，模型能匹配微观价格调整证据，并解释不完全价格调整如何限制预期对通胀动态的影响。
Abstract This paper proposes a sticky inflation model in which inflation persistence is endogenously generated from the optimizing behavior of forward‐looking firms. Although firms change prices periodically, their ability to fully adjust them in response to changes in economic conditions is assumed to be constrained due to the presence of managerial and customer costs of price adjustment. Our findings strongly support both sources of price stickiness in the U.S. data. The model performs well in matching microeconomic evidence on price setting, particularly regarding the size and frequency of price changes. The paper also shows how incomplete price adjustments in a staggered price contracts model limit the contribution of expectations to inflation dynamics: it generates the delayed response of inflation to demand and monetary shocks.