Menu Costs and the Neutrality of Money

Andrew Caplin · Daniel F. Spulber

672 citations0/0 files storedThe Quarterly Journal of Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

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.

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1980Aggregate Dynamics and Staggered Contracts

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2001Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve 2002Behavioral Macroeconomics and Macroeconomic Behavior 2008State-Dependent or Time-Dependent Pricing: Does It Matter for Recent U.S. Inflation? *2010Currency Choice and Exchange Rate Pass-Through 2001The Inexorable and Mysterious Tradeoff Between Inflation and Unemployment 1997Is inflation sticky?2010Monetary Non-neutrality in a Multisector Menu Cost Model 1995Relative-Price Changes as Aggregate Supply Shocks

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