Ball and Mankiw (1995) use a static menu-cost model to explain the historical behavior of the first and higher moments of commodity price changes in U.S. producer prices. We show that when appropriately modified for a world of positive trend inflation and forward-looking behavior by firms, the menu-cost model predicts a much weaker (possibly zero) correlation between the mean and the skewness of price changes than that found in the data. Copyright (c)2008 The Ohio State University.
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Volume (Year): 40 (2008) Issue (Month): 2-3 (03) Pages: 389-408 Download reference. The following formats are available: HTML
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