{"id":"https://openalex.org/W2018981859","doi":"https://doi.org/10.1086/260587","title":"Price-Level Stickiness and the Feasibility of Monetary Stabilization Policy with Rational Expectations","display_name":"Price-Level Stickiness and the Feasibility of Monetary Stabilization Policy with Rational Expectations","publication_year":1977,"publication_date":"1977-06-01","ids":{"openalex":"https://openalex.org/W2018981859","doi":"https://doi.org/10.1086/260587","mag":"2018981859"},"language":"en","primary_location":{"id":"doi:10.1086/260587","doi":"https://doi.org/10.1086/260587","is_oa":false,"landing_page_url":"https://doi.org/10.1086/260587","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5058985005","display_name":"Bennett T. McCallum","orcid":"https://orcid.org/0000-0002-7269-3008","observed_orcids":["https://orcid.org/0000-0002-7269-3008"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Bennett T. McCallum","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5058985005"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":31.2259,"has_fulltext":false,"cited_by_count":70,"citation_normalized_percentile":{"value":0.99624386,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":96},"biblio":{"volume":"85","issue":"3","first_page":"627","last_page":"634"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8715999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.8715999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.12710000574588776,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0006000000284984708,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/monetary-stabilization-policy","display_name":"monetary stabilization policy","score":0.8360000252723694},{"id":"https://openalex.org/keywords/countercyclical-monetary-policy","display_name":"countercyclical monetary policy","score":0.8320000171661377},{"id":"https://openalex.org/keywords/rational-expectations","display_name":"rational expectations","score":0.972000002861023},{"id":"https://openalex.org/keywords/price-adjustment-costs","display_name":"price adjustment costs","score":0.5899999737739563},{"id":"https://openalex.org/keywords/policy-ineffectiveness","display_name":"policy ineffectiveness","score":0.6370000243186951},{"id":"https://openalex.org/keywords/market-clearing-price","display_name":"market clearing price","score":0.628000020980835}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8318898677825928},{"id":"https://openalex.org/C96016098","wikidata":"https://www.wikidata.org/wiki/Q853949","display_name":"Rational expectations","level":2,"score":0.7498496770858765},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.6678375005722046},{"id":"https://openalex.org/C2777152325","wikidata":"https://www.wikidata.org/wiki/Q108163","display_name":"Proposition","level":2,"score":0.6384879946708679},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.5957082509994507},{"id":"https://openalex.org/C34881761","wikidata":"https://www.wikidata.org/wiki/Q1936341","display_name":"Price level","level":2,"score":0.4778587222099304},{"id":"https://openalex.org/C2776878452","wikidata":"https://www.wikidata.org/wiki/Q1781726","display_name":"Stabilization policy","level":3,"score":0.4379025995731354},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.3582368493080139},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.3267122507095337},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.3068247437477112},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.1357790231704712},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.05451291799545288},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1086/260587","doi":"https://doi.org/10.1086/260587","is_oa":false,"landing_page_url":"https://doi.org/10.1086/260587","pdf_url":null,"source":{"id":"https://openalex.org/S95323914","display_name":"Journal of Political Economy","issn_l":"0022-3808","issn":["0022-3808","1537-534X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","ki-jl-2","norway-2","poland-200","russia-white-list-1","vabb-shw"],"host_organization":"https://openalex.org/P4310315672","host_organization_name":"University of Chicago Press","host_organization_lineage":["https://openalex.org/P4310315672","https://openalex.org/P4310315690"],"host_organization_lineage_names":["University of Chicago Press","University of Chicago"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Political Economy","raw_type":"journal-article"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":6,"referenced_works":["https://openalex.org/W1499721271","https://openalex.org/W1963628516","https://openalex.org/W1966463960","https://openalex.org/W1972083963","https://openalex.org/W2029542902","https://openalex.org/W2090766058"],"related_works":["https://openalex.org/W2022403982","https://openalex.org/W2028304205","https://openalex.org/W2017509065","https://openalex.org/W1996632990","https://openalex.org/W2108688295","https://openalex.org/W347927385","https://openalex.org/W3008793028","https://openalex.org/W2249898271","https://openalex.org/W1938273325","https://openalex.org/W2051268013"],"abstract_inverted_index":{"This":[0],"paper":[1],"considers":[2],"the":[3,6,11,22,46,50,55,60,65,73,80,83,90],"validity":[4],"of":[5,13,30,67,76],"Lucas-Sargent":[7],"Proposition,":[8],"which":[9],"concerns":[10],"ineffectiveness":[12],"countercyclical":[14],"monetary":[15],"policy":[16],"when":[17,64],"expectations":[18],"are":[19,26],"rational,":[20],"under":[21],"assumption":[23],"that":[24],"prices":[25],"\"sticky.\"":[27],"The":[28],"model":[29],"Sargent":[31],"and":[32],"Wallace":[33],"is":[34,57],"modified":[35],"so":[36],"as":[37,41],"to":[38,49],"incorporate":[39],"stickiness":[40],"follows:":[42],"in":[43],"each":[44],"period":[45],"price":[47,71,81],"adjusts":[48],"market-clearing":[51],"value":[52,62,84],"only":[53],"if":[54],"latter":[56],"far":[58],"from":[59],"expected":[61],"(i.e.,":[63],"cost":[66,75],"maintaining":[68],"an":[69],"inappropriate":[70],"exceeds":[72],"lump-sum":[74],"a":[77],"revision).":[78],"Otherwise":[79],"equals":[82],"previously":[85],"expected.":[86],"Given":[87],"this":[88],"modification,":[89],"proposition":[91],"remains":[92],"valid.":[93]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2020,"cited_by_count":1},{"year":2017,"cited_by_count":1},{"year":2015,"cited_by_count":1},{"year":2013,"cited_by_count":1}],"updated_date":"2026-10-09T09:14:12.587421","created_date":"2016-06-24T00:00:00"}