期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2014
出版社：European Central Bank
摘要：We model retail price stickiness as the result of errors due to costly decision-making. Under ourassumed cost function for the precision of choice, the timing of price adjustments and the pricesfirms set are both logit random variables. Errors in the prices firms set help explain micro “puzzles”relating to the sizes of price changes, the behavior of adjustment hazards, and the variability of pricesand costs. Errors in adjustment timing increase the real effects of monetary shocks, by reducing the“selection effect”. Allowing for both types of errors also helps explain how trend inflation affectsprice adjustment.
关键词：Nominal rigidity; logit equilibrium; state-dependent pricing; near rationality; informationconstrained;pricing
