Overtime Labor, Employment Frictions, and the New Keynesian Phillips Curve
扩展了新凯恩斯模型，区分正常工时和加班工时，发现用加班劳动衡量边际成本估计的混合新凯恩斯菲利普斯曲线符合理论且显著，而纯前瞻模型不显著；同时表明就业摩擦有助于调和微观价格频繁变动与宏观通胀调整缓慢的矛盾。
This paper presents a New Keynesian (NK) model that is extended to differentiate between straight time and overtime work. The model proposes that the New Keynesian Phillips curve (NKPC) should be estimated with marginal cost measured in terms of overtime labor; the resulting coefficient estimates are in accordance with theory and statistically significant for the hybrid NKPC (which allows for backward-looking price setters) but not for the purely forward-looking NKPC. In the hybrid model, backward-looking behavior is found to be predominant. The paper also shows that the incorporation of employment frictions (predetermined employment and convex adjustment costs) in NK models helps reconcile the frequent price changes found in the microdata with the degree of sluggishness in inflation adjustment to output changes at the macro level. © 2014 The President and Fellows of Harvard College and the Massachusetts Institute of Technology