Why Are Prices Sticky? The Dynamics of Wholesale Gasoline Prices
利用费城9家汽油批发商的数据，检验菜单成本模型对价格粘性的解释，发现价格变动概率仅取决于当前价格与无摩擦价格之差，但拒绝菜单成本模型，认为价格粘性源于对顾客和竞争者反应的策略考量。
The menu-cost interpretation of sticky prices implies that the probability of a price change should depend on the past history of prices and fundamentals only through the gap between the current price and the frictionless price. We find that this prediction is broadly consistent with the behavior of 9 Philadelphia gasoline wholesalers. We nevertheless reject the menu-cost model as a literal description of these firms' behavior, arguing instead that price stickiness arises from strategic considerations of how customers and competitors will react to price changes.