The Inflation-Output Trade-Off with Downward Wage Rigidities
通过动态随机一般均衡模型分析名义工资向下刚性对宏观经济的影响，发现长期菲利普斯曲线在高通胀时近乎垂直、低通胀时变平，且宏观经济波动会外推曲线并降低产出，这对稳定政策和最优通胀率有重要启示。
The macroeconomic implications of downward nominal wage rigidities are analyzed via a dynamic stochastic general equilibrium model featuring aggregate and idiosyncratic shocks. A closed-form solution for a long-run Phillips curve relates average output gap to average wage inflation: it is virtually vertical at high inflation and flattens at low inflation. Macroeconomic volatility shifts the curve outwards and reduces output. The results imply that stabilization policies play an important role, and that optimal inflation may be positive and differ across countries with different macroeconomic volatility. Results are robust to relaxing the wage constraint, for example, when large idiosyncratic shocks arise.