The concavity of the Phillips curve in time‐dependent pricing models
推导了时间依赖定价模型中短期菲利普斯曲线的曲率性质，发现当商品替代弹性大于2时曲线全局凹，高（低）经济活动时通胀表现接近完全粘性（灵活）价格。
ABSTRACT This paper derives the curvature properties of the short‐run Phillips curve for a wide class of models with time‐dependent pricing frictions. The Phillips curve is globally concave under relatively weak conditions (the elasticity of substitution between goods is larger than 2). Intuitively, when economic activity is very high (low), substitution effects within the price index imply that inflation behaves as if prices are nearly fully sticky (flexible).