というNBER論文が上がっている（ungated版）。原題は「Staggered Price Indexation」で、著者はコロンビア大のMartin Uribe。
以下はその要旨。
Empirical studies using micro data find that about two thirds of all product prices do not change in a given quarter. This evidence has been interpreted as indicating the absence of price indexation. Further, models of staggered price setting without indexation interpret all price changes as optimal. However, the empirical evidence is mute with regard to whether price changes are optimal or not. To reconcile the possibility of price indexation with the micro evidence on the frequency of price changes, I modify the Calvo sticky price model by allowing each period a fraction of randomly picked prices to change optimally, another fraction of randomly picked prices to change due to indexation, and the remaining prices to be constant. The paper presents five main findings: (1) with staggered price indexation the Phillips curve includes a state variable that carries information about all past inflation rates; (2) as the degree of staggered price indexation increases, the Phillips curve becomes flatter; (3) staggered indexation dampens the short-run effect of monetary policy on inflation and amplifies its effect on output; (4) fixing the probability of a price change to 33% per quarter (in accordance with the empirical evidence), a small-scale new-Keynesian model estimated on U.S. data yields a probability of indexation of 19\% per quarter (and therefore a probability of an optimal price change of 14% per quarter); and (5) according to the estimated model, staggered indexation explains more than half of the observed persistence of inflation in the United States.
（拙訳）
ミクロデータを用いた実証研究が見い出したところによると、全商品価格の約3分の2が所与の四半期に変化しない。この結果は、価格の連動性の不在を示すものと解釈されてきた。また、連動性なしの時間差価格設定モデルは、すべての価格変化が最適であると解釈する。しかし、価格変化が最適か否かについては実証結果は何も語っていない。価格連動性の可能性と、価格変化の頻度に関するミクロの実証結果を整合させるため、私はカルボ粘着価格モデルを、各期にランダムに選択された一部の価格が最適に変化し、別の一部の価格が連動性によって変化し、残りの価格が一定であることを許容するように修正した。本稿は5つの主要な発見を提示する：
