A Near-Rational Model of the Business Cycle, with Wage and Price Inertia
提出一个模型，其中微小的次优行为（如价格工资惯性）使总需求冲击对实际经济产生显著影响，解释了预期货币供给变化如何引发商业活动的大幅波动。
This paper presents a model in which insignificantly suboptimal behavior causes aggregate demand shocks to have significant real effects. The individual loss to agents with inertial price-wage behavior is second-order in terms of the parameter describing the shock, while the effect on real economic variables is first-order. Thus, significant changes in business activity can be generated by anticipated money supply changes provided that some agents are willing to engage in nonmaximizing behavior which results in small losses.