Real and Nominal Propagation of Nominal Shocks
在一个跨期一般均衡模型中分析实际传导机制（资本积累）与名义传导机制（交错名义合约）如何相互作用，产生名义冲击的持久实际效应，对研究经济波动和货币政策传导的学者有参考价值。
The role of real and nominal propagation mechanisms in generating persistent real effects of nominal shocks is analysed analytically in a fully specified intertemporal general equilibrium model. While neither a real propagation mechanism (capital acccumulation) with one‐period nominal contracts nor nominal propagation (staggered nominal contracts) in the absence of any real propagation can generate plausible impulse responses with strong persistence, it is shown that the two mechanisms interact so as to strengthen persistence (possibly unit roots) and generate more plausible impulse responses.