This paper provides a new insight into the price puzzle using a new Keynesian (NK) model with household heterogeneity. To do this, we adopt a tractable heterogeneous-agent NK (THANK) model that nests the two-agent NK (TANK) and representative-agent NK models. We first demonstrate that when the share of liquidity-constrained (LC) consumers is high, the degree of inflation stabilization in the Taylor rule crucially affects whether the price puzzle occurs in the TANK model. Second, we show that regardless of the share of LC consumers, the price puzzle disappears in the THANK model with a discounted dynamic IS (DIS) curve. In contrast, for a compounded DIS curve, a higher share of LC consumers generates the price puzzle. Finally, we find that even in the case of a compounded DIS curve, reinforced interest rate smoothing can prevent the price puzzle.

本文使用具有家庭异质性的新凯恩斯主义 (NK) 模型为价格难题提供了新的见解。为此，我们采用了一种易于处理的异质代理 NK (THANK) 模型，该模型嵌套了双代理 NK (TANK) 和代表代理 NK 模型。我们首先证明，当流动性受限（LC）消费者的比例较高时，泰勒规则中的通货膨胀稳定程度对 TANK 模型中是否出现价格难题至关重要。其次，我们表明，无论 LC 消费者的份额如何，价格难题在具有折扣动态 IS (DIS) 曲线的 THANK 模型中消失。相比之下，对于复合 DIS 曲线，较高比例的 LC 消费者会产生价格难题。最后，我们发现即使在复合 DIS 曲线的情况下，强化利率平滑也可以防止价格之谜。