We introduce business-to-business (B2B) relationships into an otherwise standard model to revisit two aspects of price dynamics in a unified analysis. On one side, the pass-through of cost shocks to prices is empirically incomplete. On the other side, the literature contains conjectures that long-term relationships may reduce the allocative role of price changes. After a partial equilibrium analysis of these aspects, we consider the general equilibrium effects. The formation of B2B relationships implies that the trade of intermediate goods depends on search, bargaining, and the adjustment along the intensive margin as opposed to the extensive margin. We find that, when this adjustment is costly, retailers have a relatively high bargaining power, and mismatch shocks are possible, the model can account for the second moments of the US producer price index and other variables. In this case, although its allocative role is low, the intermediate goods price affects the allocation of goods through the search externalities and is sufficiently volatile. The analysis includes several sensitivity tests and comparisons.

我们将企业对企业 (B2B) 关系引入其他标准模型，以在统一分析中重新审视价格动态的两个方面。一方面，成本冲击对价格的传递在经验上是不完整的。另一方面，文献推测长期关系可能会降低价格变化的配置作用。在对这些方面进行部分均衡分析后，我们考虑一般均衡效应。B2B 关系的形成意味着中间产品的贸易依赖于搜索、讨价还价以及沿集约边际而不是粗放边际的调整。我们发现，当这种调整代价高昂时，零售商的议价能力相对较高，并且可能出现错配冲击，该模型可以考虑美国生产者价格指数和其他变量的二阶矩。在这种情况下，虽然其配置作用较低，但中间品价格通过搜索外部性影响了商品的配置，具有足够的波动性。该分析包括几个敏感性测试和比较。