欧洲央行-罢工时铁很热_-_最佳策略低估了依赖性定价（英）-2025_68页_6mb

Summary

This paper examines optimal monetary policy under state-dependent pricing, using a theoretical model where firms adjust prices endogenously based on economic conditions. The key finding is that monetary policy should respond more aggressively to curb inflation after large cost-push shocks, as higher price frequency reduces the output cost of anti-inflationary policy. This contrasts with traditional linear models and aligns with nonlinear Phillips curve dynamics. The results are robust to various model extensions, including a stochastic menu cost model. Implications suggest central banks may adopt a more aggressive stance during inflation surges while maintaining price stability during productivity shocks.