Downward Wage Rigidities and Optimal Monetary Policy in a Monetary Union*
研究了货币联盟中不同向下工资刚性类型（名义或实际）对最优货币政策的影响，发现指数化会降低最优润滑通胀，而大型共同冲击可能持久影响区内贸易条件。
Abstract This paper analyses the implications of heterogeneity in the type of downward wage rigidity (nominal or real) for optimal monetary policy in a monetary union with asymmetric wage adjustment costs. Indexation in one region of the union reduces optimal grease inflation in the presence of common productivity shocks. Large common shocks may have sizeable and persistent effects on the intra‐union terms of trade, whereby the region characterized by downward real wage rigidity adjusts with a persistent loss of competitiveness. In response to asymmetric productivity shocks, there is no role for grease inflation because relative price changes facilitating the real wage changes dominate the adjustment mechanism.