A sticky price theory of the transmission mechanism of monetary policy shocks based on state-dependent pricing yields two testable implications that do not hold in time-dependent models. First, large monetary policy shocks should yield proportionally larger initial responses of the price level. Second, in a high trend inflation regime, the response of the price level to monetary policy shocks should be larger and real effects smaller. Our analysis provides evidence supporting these non-linear effects in the response of the price level in aggregate US data, indicating state-dependent pricing as an important feature of the transmission mechanism of monetary policy.

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非线性、国别价格与货币政策传导机制

基于状态依赖定价的货币政策冲击传导机制的粘性价格理论产生了两个在时间依赖模型中不成立的可检验的含义。首先，大规模的货币政策冲击应该会产生成比例地更大的价格水平初始反应。其次，在高趋势通胀机制下，物价水平对货币政策冲击的反应应该更大，实际影响更小。我们的分析提供了证据支持这些非线性效应对美国总体数据中价格水平的响应，表明依赖于国家的定价是货币政策传导机制的一个重要特征。