Price Dispersion and the Costs of Inflation
放松了新凯恩斯模型中企业必须满足需求的假设，发现通货膨胀对有效总生产率的损失比标准模型预测的要小，且企业会选择更低的加成率，因此标准模型可能高估了通货膨胀的福利成本。
Abstract The new Keynesian literature typically makes the assumption that firms always have to satisfy demand, which is at odds with profit‐maximizing behavior under Calvo pricing when long‐run inflation is positive. Our model, which relaxes this assumption, predicts that inflation causes a substantially smaller loss in effective aggregate productivity compared to a benchmark model without the possibility of rationing. Moreover, under positive inflation, firms choose smaller markups over marginal costs in our model than in the benchmark model. As a result, our analysis suggests that the standard new Keynesian model may exaggerate the welfare costs of inflation.