摘要：There is much evidence that price-adjustment frequencies vary widely across
industries. This paper shows that inflation persistence is lower with
heterogeneity in price stickiness than without it, taking as given the degree of
persistence in variables affecting inflation. Differences in the frequency of
price adjustment mean that the pool of firms which responds to any macroeconomic
shock is unrepresentative, containing a disproportionately large number of firms
from industries with more flexible prices. Consequently, this group of firms is
more likely to reverse any initial price change after a shock has dissipated,
making inflation persistence much harder to explain
关键词：Inflation persistence; heterogeneity; price stickiness; New Keynesian Phillips
Curve
