价格粘性在短期货币政策分析中占有基础性的重要地位:正是由于名义价格具有粘性,货币政策才影响到实际货币供给,从而对产出等实际变量发生作用。反之,若名义价格能够灵活调整,则名义货币量的变化只能通过替代效应对实际经济发生影响,实证表明这种替代效应是很小的,不能解释现实中货币政策的显著短期效果。在价格粘性理论的最新发展中,研究者开始放松完全理性和理性预期假设, Price stickiness plays a fundamental and important role in the analysis of short-term monetary policy. It is precisely because the nominal price is sticky that monetary policy affects the real money supply and thus has an effect on the actual variables such as output. On the other hand, if the nominal price can be flexibly adjusted, the change in the nominal amount of money can only affect the real economy through the substitution effect. Empirical evidence shows that this substitution effect is small and can not explain the significant short-term effect of monetary policy in reality. In the recent development of the theory of price stickiness, researchers began to relax the assumption of completely rational and rational expectation,