Non-Linearities, State-Dependent Prices and the Transmission Mechanism of Monetary Policy
基于状态依赖定价的粘性价格理论提出两个可检验的非线性效应，并用美国总量数据验证了价格水平对货币政策冲击的非线性响应，支持状态依赖定价在货币政策传导中的重要性。
Abstract A sticky price theory of the transmission mechanism of monetary policy shocks based on state-dependent pricing yields two testable implications that do not hold in time-dependent models. First, large monetary policy shocks should yield proportionally larger initial responses of the price level. Second, in a high trend inflation regime, the response of the price level to monetary policy shocks should be larger and real effects smaller. Our analysis provides evidence supporting these non-linear effects in the response of the price level in aggregate US data, indicating state-dependent pricing as an important feature of the transmission mechanism of monetary policy.