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：2011
出版社：European Central Bank
摘要：This paper proposes two models in which price stickiness arises endogenously even though rms are free to change their prices at zero physical cost. Firms are subject to idiosyncratic and aggregate shocks, and they also face a risk of making errors when they set their prices. In our rst speci cation, rms are assumed to play a dynamic logit equilibrium, which implies that big mistakes are less likely than small ones. The second speci cation derives logit behavior from an assumption that precision is costly. The empirical implications of the two versions of our model are very similar. Since rms making suciently large errors choose to adjust, both versions generate a strong "selection e ect" in response to a nominal shock that eliminates most of the monetary nonneutrality found in the Calvo model. Thus the model implies that money shocks have little impact on the real economy, as in Golosov and Lucas (2007), but ts microdata better than their speci cation.
关键词：logit equilibrium; state-dependent pricing; (S;s) adjustment; near rational-;ity; information-constrained pricing
