A Sticky-Price Manifesto
Macroeconomists are divided on the best way to explain short-run economic fluctuations. This paper presents the case for traditional theories based on short-run price stickiness. It discusses the fundamental basis for believing in this class of macreconomic models. It also discusses recent research on the microeconomic foundations of sticky prices.
|Date of creation:||Mar 1994|
|Date of revision:|
|Publication status:||published as Carnegie-Rochester Conference Series on Public Policy, vol. 41, (December 1994), pp. 127-151|
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in: Monetary Policy, pages 155-193
National Bureau of Economic Research, Inc.
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