Inflation and Unit Labor Cost
基于新凯恩斯定价方程，将通胀分解为滞后通胀、预期未来通胀、实际单位劳动成本和残差，发现1999至2011年基础通胀下降超15个百分点而实际通胀变化很小，讨论了劳动收入份额下降等数据与结构性模型的解释。
We study two decompositions of inflation, π, motivated by the standard New Keynesian pricing equation of Gali, Gertler, and Sbordone. The first uses four components: lagged π, expected future π, real unit labor cost (ψ), and a residual. The second uses two components: fundamental inflation (discounted expected future ψ) and a residual. We find large low‐frequency differences between actual and fundamental inflation. From 1999 to 2011 fundamental inflation fell by more than 15 percentage points, while actual inflation changed little. We discuss this discrepancy in terms of the data (a large drop in labor's share of income) and through the lens of a canonical structural model.