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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- Laurence Ball, 1994.
"What Determines the Sacrifice Ratio?,"
in: Monetary Policy, pages 155-193
National Bureau of Economic Research, Inc.
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2171, National Bureau of Economic Research, Inc.
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NBER Working Papers
4089, National Bureau of Economic Research, Inc.
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- Ball, L. & Mankiw, N.G., 1992. "Asymmetric Price Adjustment and Economic Fluctuations," Harvard Institute of Economic Research Working Papers 1602, Harvard - Institute of Economic Research.
- N. Gregory Mankiw, 1994. "Monetary Policy," NBER Books, National Bureau of Economic Research, Inc, number greg94-1, September.
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