Price Stickiness Heterogeneity and Equilibrium Determinacy
研究发现，在价格粘性异质性下，货币政策只需对通胀做出相当弱的反应就能实现均衡确定性，这削弱了此前文献中关于美国经济在沃尔克之前时期受自我实现预期驱动波动的结论。
Abstract Monetary policy can achieve equilibrium determinacy with considerably weak responses to inflation under price stickiness heterogeneity. The result holds in a sticky‐price model with the constant elasticity‐of‐substitution aggregator and no trend inflation, and with a variable elasticity‐of‐substitution aggregator and historical trend inflation. The evidence in favor of the view that the U.S. economy was subject to self‐fulfilling expectations‐driven fluctuations in the pre‐Volcker period and the systematic shift in monetary policy was crucial in subsequent stabilization of inflation appears much weaker through the lens of price stickiness heterogeneity than previously concluded in the literature under price stickiness homogeneity.