We give a full analytic characterization of a large class of sticky-price models where the firm’s price-setting behavior is described by a generalized hazard function. Such a function allows for a vast variety of empirical hazards to be fitted. This setup is microfounded by random adjustment costs, as in Caballero and Engel (1999), or by information frictions, as in Woodford (2009). We establish two main results. First, we show how to identify all the primitives of the model, including the distribution of the fundamental adjustment costs and the implied generalized hazard function, using the distribution of price changes. Second, we derive a sufficient statistic for the aggregate effect of a monetary shock: given an arbitrary generalized hazard function, the cumulative impulse response of output to a once-and-for-all monetary shock is proportional to the ratio of the kurtosis of the steady-state distribution of price changes over the frequency of price adjustment. We prove that Calvo’s model yields the upper bound and Golosov and Lucas’s model the lower bound on this measure within the class of random menu cost models.

中文翻译：

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具有广义风险函数的粘性价格宏观经济学*

我们给出了一大类粘性价格模型的完整分析特征，其中公司的定价行为由广义风险函数描述。这样的函数允许拟合各种各样的经验危险。这种设置是由随机调整成本（如 Caballero 和 Engel（1999））或信息摩擦（如 Woodford（2009））微观建立的。我们建立了两个主要结果。首先，我们展示了如何使用价格变化的分布来识别模型的所有原语，包括基本调整成本的分布和隐含的广义风险函数。其次，我们为货币冲击的总效应得出了一个足够的统计数据：给定一个任意的在广义风险函数中，产出对一劳永逸的货币冲击的累积脉冲响应与价格变化的稳态分布峰度与价格调整频率的比率成正比。我们证明，在随机菜单成本模型类中，卡尔沃的模型产生了该度量的上限，戈洛索夫和卢卡斯的模型产生了该度量的下界。