国际清算银行：一个具有总加价漂移的可处理菜单成本模型（英文版）

This paper extends the menu cost model of Gertler and Leahy (2008) by introducing a drift in the aggregate markup. Assuming that the drift is always negative and not large, consistent with moderate and positive trend inflation, the paper analytically characterizes firms’ value function and markup distribution. It derives explicit equations sufficient to close the model in general equilibrium, making the calculation of impulse responses to aggregate shocks as easy as in conventional representa