Sticky Price Models of the Business Cycle: Can the Contract Multiplier Solve the Persistence Problem?
构建了一个企业交错定价的定量均衡模型，检验货币冲击能否产生商业周期波动。研究发现，仅靠交错定价本身无法生成持续的产出波动，因为企业内生价格粘性不足。
We construct a quantitative equilibrium model with firms setting prices in a staggered fashion and use it to ask whether monetary shocks can generate business cycle fluctuations. These fluctuations include persistent movements in output along with the other defining features of business cycles, like volatile investment and smooth consumption. We assume that prices are exogenously sticky for a short time. Persistent output fluctuations require endogenous price stickiness in the sense that firms choose not to change prices much when they can do so. We find that for a wide range of parameter values, the amount of endogenous stickiness is small. Thus, we find that in a standard quantitative model, staggered price-setting, alone, does not generate business cycle fluctuations.