期刊名称：Discussion Papers / Department of Economics, University of Essex
出版年度：2002
卷号：2002
出版社：University of Essex
摘要：We present a simple menu cost model which explains the ¯nding
that ¯rms are more likely to adjust prices upward than downward.
Asymmetric adjustment to shocks arises naturally, even without trend
in°ation, from the desire of ¯rms to keep industry prices as high as
is sustainable and the non-convexity due to menu costs. It implies
that aggregate demand shocks have asymmetric e®ects | negative
shocks are reduce output, whereas positive shocks are in°ationary. We
examine the implications of asymmetric adjustment for equilibrium
output and the optimal in°ation rate.
