somewhat paradoxically, sticky prices play the role of muting the fall in prices that would otherwise occur after an expansionary monetary policy shock
感觉比较难理解的是，otherwise该怎么翻译。
我的翻译是：有点矛盾的是，粘性价格起到了减弱价格下跌的效果，而这应该是扩张性货币政策冲击的带来效果。