Aggregation and Optimization with State-Dependent Pricing: A Comment
指出Caplin和Leahy（1997）关于货币冲击与产出相关性随货币供给方差递减的结论依赖于非稳态求解，在稳态下该相关性起初是上升的。
A key argument in Caplin and Leahy (1997) states that the correlation between monetary shocks and output is falling in the variance of the money supply. We demonstrate that this conclusion depends on solving for the correlation in the nonstationary state of the model. In the stationary state, that correlation is initially rising.