Repricing Avalanches
构建了一个包含大量企业的菜单成本定价模型，研究企业名义价格上调如何引发其他企业的连锁反应，形成“重新定价雪崩”，并校准模型以解释美国1988-2005年间通胀水平与波动性的正相关关系。
We present a menu-cost pricing model with a large but finite number n of firms. A firm’s nominal price increase lowers other firms’ relative prices, thereby inducing further nominal price increases. The distribution of these “repricing avalanches” converges as n→∞ to a mixture of generalized Poisson distributions with an indexofdispersion=1/(1−θ)2, where θ is determined by the equilibrium of the continuous limit. We calibrate the model to the US experience during 1988–2005 and obtain a θ surprisingly close to unity. Our model accounts for the positive relationship between inflation level and volatility observed in the data.