NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

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NBER Working Papers and Publications

April 2011How Entrepreneurs Affect the Rate and Direction of Inventive Activity
in The Rate and Direction of Inventive Activity Revisited, Josh Lerner and Scott Stern, editors
July 1987Menu Costs and the Neutrality of Money
with Andrew C. Caplin: w2311
A model of endogenous price adjustment under money growth is presented. Firms follow (s, S) pricing policies and price revisions are imperfectly synchronized. In the aggregate, price stickiness disappears and money is neutral. The connection between firm price adjustment and relative price variability in the presence of monetary growth is also investigated. The results contrast with those obtained in models with exogenous fixed timing of price adjustment.

Published: Quarterly Journal of Economics, Vol. 102, no. 4 (1987): 703-726. citation courtesy of

 
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