Price Stickiness in SS Models: New Interpretations of Old Results
Price Stickiness in SS Models: New Interpretations of Old Results
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SS 模型中的价格粘性：旧结果的新解释
DOI：
10.2139/ssrn.963145
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发表时间：
2007
期刊：
影响因子：
--
通讯作者：
Ricardo J. Caballero
中科院分区：
文献类型：
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作者：
Eduardo M. R. A. Engel;Ricardo J. Caballero
不频繁的价格调整与价格总水平对货币冲击的动态反应之间的关系是什么？这个问题的答案从一对一的联系（卡尔沃，1983）到没有任何联系（Caplin和Spulber，1987）。本文的目的是提供一个统一的框架，以了解这一广泛的结果背后的机制。在这样做的时候，我们提出了新的解释，在这方面的关键结果，这反过来又表明了一种SS模型，可能会产生大量的价格刚性。我们重新审视的第一个结果是Caplin和Spulber的货币中性模型。我们表明，当价格粘性的脉冲响应函数来衡量，这一结果是不是一个聚集的后果，而是由于在微观经济层面的价格粘性的情况下。我们还表明，“选择效应”，根据调整价格的单位是那些受益最大的，既不必要也不足以占较高的总灵活性的SS型模型相比，卡尔沃模型。相反，关键的概念是广泛的调整幅度对总价格反应的贡献。当且仅当这一项为正时，总价格水平才比微观经济调整频率所显示的更灵活。
What is the relation between infrequent price adjustment and the dynamic response of the aggregate price level to monetary shocks? The answer to this question ranges from a one-to-one link (Calvo, 1983) to no connection whatsoever (Caplin and Spulber, 1987). The purpose of this paper is to provide a unified framework to understand the mechanisms behind this wide range of results. In doing so, we propose new interpretations of key results in this area, which in turn suggest the kind of Ss model that is likely to generate substantial price rigidity. The first result we revisit is Caplin and Spulber's monetary neutrality model. We show that when price stickiness is measured in terms of the impulse response function, this result is not a consequence of aggregation, but is due instead to the absence of price-stickiness at the microeconomic level. We also show that the "selection effect," according to which units that adjust their prices are those that benefit most, is neither necessary nor sufficient to account for the higher aggregate flexibility of Ss-type models compared to Calvo models. Instead, the key concept is the contribution of the extensive margin of adjustment to the aggregate price response. The aggregate price level is more flexible than suggested by the microeconomic frequency of adjustment if and only if this term is positive.