RELATIVE-PRICE CHANGES AS AGGREGATE SUPPLY SHOCKS* LAURENCE
RELATIVE-PRICE CHANGES AS AGGREGATE SUPPLY SHOCKS* LAURENCE
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总体供应冲击导致相对价格变化* 劳伦斯
DOI：
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发表时间：
2007
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影响因子：
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通讯作者：
L. M. Gregory
中科院分区：
文献类型：
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作者：
L. M. Gregory
本文提出了一个理论的供给冲击，或移动的短期菲利普斯曲线，相对价格的变化和摩擦的名义价格调整的基础上。当价格调整代价高昂时，企业会对大的冲击进行调整，但不会对小的冲击进行调整，因此大的冲击对价格水平的影响不成比例。因此，总通货膨胀取决于相对价格变化的分布：当分布向右倾斜时，通货膨胀上升，当分布向左倾斜时，通货膨胀福尔斯下降。我们表明，这一理论结果解释了战后美国大部分的运动。S.通胀此外，我们的模型表明，供应冲击的措施，表现优于传统的措施，如食品和能源的相对价格。
This paper proposes a theory of supply shocks, or shifts in the short-run Phillips curve, based on relative-price changes and frictions in nominal price adjustment. When price adjustment is costly, firms adjust to large shocks but not to small shocks, and so large shocks have disproportionate effects on the price level. Therefore, aggregate inflation depends on the distribution of relative-price changes: inflation rises when the distribution is skewed to the right, and falls when the distribution is skewed to the left. We show that this theoretical result explains a large fraction of movements in postwar U. S. inflation. Moreover, our model suggests measures of supply shocks that perform better than traditional measures, such as the relative prices of food and energy.