Two New Keynesian Theories of Sticky Prices
This paper compares two alternative theories of Aggregate supply, both with a "New Keynesian Flavor". The first assumes that prices are rigis due to the existence of menu costs of the kind advanced by Mankiw  and Akerlof and Yellen . The second derives price stickiness endogenously as one equilibrium in an economy with multiple equilibria.
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|Date of creation:||1999|
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