Price Adjustments in a General Model of State‐Dependent Pricing
研究了企业更可能在调整价格价值更高时调价这一假设下的零售价格调整分布，发现低状态依赖的参数化最符合微观数据，其菲利普斯曲线系数为卡尔沃模型的60%，但在高通胀下仍表现良好。
We study the distribution of retail price adjustments under the assumption that firms are more likely to adjust their prices when doing so is more valuable. Our setup nests Calvo (1983 ) at one extreme and a fixed menu cost model at the other; all parameterizations are ranked by a measure of state dependence. High state dependence implies, counterfactually, that there are no small price changes and that the variance of price changes falls sharply with trend inflation. The parameterization that best fits microdata has low state dependence, implying a Phillips curve coefficient 60% as large as that of the Calvo model, but is nonetheless well behaved at high inflation rates.