Heterogeneity and Output Fluctuations in a Dynamic Menu-Cost Economy
- 1 January 1993
- journal article
- Published by Oxford University Press (OUP) in The Review of Economic Studies
- Vol. 60 (1) , 95-119
- https://doi.org/10.2307/2297814
Abstract
When firms face menu costs, the relation between their output and money is highly non-linear. At the aggregate level, however, this needs not be so.Keywords
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