This paper builds a small open economy dynamic stochastic general equilibrium (DSGE) model for Indonesia with state-dependent pricing (SDP) and studies its implications for policy analysis. Variations in the extensive margin of price adjustment under SDP are shown to non-trivially affect the model-generated variance decompositions and impulse responses to various shocks. DSGE model-based policy analyses conducted without this extensive margin feature might therefore lead to inaccurate policy prescriptions. In particular, the SDP model would call for a greater degree of monetary easing in response to the COVID-19 pandemic, than that prescribed by the standard time-dependent pricing (TDP) model.

本文为印度尼西亚建立了一个小型开放经济动态随机一般均衡 (DSGE) 模型，该模型具有国家依赖定价 (SDP)，并研究其对政策分析的影响。表明 SDP 下价格调整的广泛边际的变化对模型生成的方差分解和对各种冲击的脉冲响应有重要影响。因此，在没有这种广泛边际特征的情况下进行的基于 DSGE 模型的政策分析可能会导致政策处方不准确。特别是，与标准时间相关定价 (TDP) 模型所规定的相比，SDP 模型将要求更大程度的货币宽松以应对 COVID-19 大流行。