A sticky-price manifesto

  • Ball L
  • Mankiw N
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Abstract

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 macroeconomic models. It also discusses recent research on the microeconomic foundations of sticky prices. © 1994.

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Authors

  • Laurence Ball

  • N. Gregory Mankiw

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