Optimal Sticky Prices under Rational Inattention
构建了一个模型，其中定价企业在信息流约束下决定关注什么。校准模型以匹配微观数据中价格变化的大幅平均绝对值后，发现价格对异质性冲击反应快且幅度大，但对名义冲击反应慢且幅度小，名义冲击具有强而持久的实际效应。
This paper presents a model in which price setting firms decide what to pay attention to, subject to a constraint on information flow. When idiosyncratic conditions are more variable or more important than aggregate conditions, firms pay more attention to idiosyncratic conditions than to aggregate conditions. When we calibrate the model to match the large average absolute size of price changes observed in micro data, prices react fast and by large amounts to idiosyncratic shocks, but only slowly and by small amounts to nominal shocks. Nominal shocks have strong and persistent real effects.