Sticky Information versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
提出基于信息缓慢传播的粘性信息模型，相比粘性价格模型，该模型在解释货币政策的效应上更符合公认观点：紧缩政策总是导致经济收缩，货币政策冲击对通胀的影响有显著延迟，且通胀变化与经济活动正相关。
This paper examines a model of dynamic price adjustment based on the assumption that information disseminates slowly throughout the population. Compared with the commonly used sticky-price model, this sticky-information model displays three related properties that are more consistent with accepted views about the effects of monetary policy. First, disinflations are always contractionary (although annoimced disinflations are less contractionary than surprise ones). Second, monetary policy shocks have their maximum impact on inflation with a substantial delay. Third, the change in inflation is positively correlated with the level of economic activity.