Logit Price Dynamics
将零售价格粘性建模为成本高昂且易出错决策的结果，发现价格设定和调整时机的误差有助于解释价格变化大小、调整风险行为以及货币冲击的真实效应。
Abstract We model retail price stickiness as the result of costly, error‐prone decision making. Under our assumed cost function for the precision of choice, the timing of price adjustments and the prices firms set are both logit random variables. Errors in the prices firms set help explain micro facts related to the size of price changes, the behavior of adjustment hazards, and the variability of prices and costs. Errors in adjustment timing increase the real effects of monetary shocks, by reducing the “selection effect.” Allowing for both types of errors also helps explain how trend inflation affects price adjustment.