Relative-Price Changes as Aggregate Supply Shocks
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This paper proposes a theory of supply shocks, or shifts in the short-run Phillips curve, based on relative-price changes and frictions in nominal price adjustment. When price adjustment is costly, firms adjust to large shocks but not to small shocks, and so large shocks have disproportionate
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美国国家经济研究局创建时间：
1992-09-01
