摘要：Nominal price rigidity assumption has generated a vast literature in recent macroeconomics.There are several theories trying to explain it.This paper focuses on New Keynesian menu cost models,and more precisely on the empirical testing strand proposed by Ball and Mankiw (1994,1995),who explain why a relative price shock,which serves as a measure of a supply shock,can affect the average inflation rate,whereas in a flexible price framework changes in relative prices don't affect average inflation.
关键词：Nominal price rigidity assumption has generated a vast literature in recent macroeconomics.There are several theories trying to explain it.This paper focuses on New Keynesian menu cost models,and more precisely on the empirical testing strand proposed by Ball and Mankiw (1994,1995),who explain why a relative price shock,which serves as a measure of a supply shock,can affect the average inflation rate,whereas in a flexible price framework changes in relative prices don't affect average inflation.
