We show that, in a broad class of menu cost models, the first-order dynamics of aggregate inflation in response to arbitrary shocks to aggregate costs are nearly the same as in Calvo models with suitably chosen Calvo adjustment frequencies. We first prove that the canonical menu cost model is first-order equivalent to a mixture of two time-dependent models, which reflect the extensive and intensive margins of price adjustment. We then show numerically that, in any plausible parameterization, this mixture is well approximated by a single Calvo model. This close numerical fit carries over to other standard specifications of menu cost models. Thus, for shocks that are not too large, the Phillips curve for a menu cost model looks like the New Keynesian Phillips curve, but with a higher slope.

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新的定价模型，同样的旧菲利普斯曲线？

我们表明，在广泛的菜单成本模型中，响应总成本任意冲击的总通货膨胀的一阶动态几乎与适当选择卡尔沃调整频率的卡尔沃模型相同。我们首先证明规范菜单成本模型是两个时间相关模型混合的一阶等价，反映了价格调整的广泛和集约边际。然后，我们用数字表明，在任何合理的参数化中，这种混合都可以通过单个卡尔沃模型很好地近似。这种紧密的数字拟合适用于菜单成本模型的其他标准规范。因此，对于不太大的冲击，菜单成本模型的菲利普斯曲线看起来像新凯恩斯主义菲利普斯曲线，但斜率更高。