A Sticky-Price Manifesto
(440 K)
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NBER Working Paper No. 4677 (Also Reprint No. r1982)
Issued in July 1995
NBER Program(s): EFG ME
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.
Published:
- Research Papers Presented at the 1994 Texas Conference on Monetary Economics, April 23–24, 1994, Federal Reserve Bank of Dallas
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- Carnegie-Rochester Conference Series on Public Policy, vol. 41, (December 1994), pp. 127-151
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