Rule‐of‐Thumb Consumers Meet Sticky Wages
研究发现，在工资黏性条件下，经验法则消费者的存在不再颠覆标准新凯恩斯模型的结论：泰勒原理重新成为均衡确定的必要条件，且政府支出冲击能带来消费上升。这有助于解释1980年后美国财政扩张效应减弱的现象。
It has been argued that rule‐of‐thumb consumers substantially alter the determinacy properties of interest rate rules and the dynamics of an otherwise standard New Keynesian model. In this paper, we show that nominal‐wage stickiness helps to restore standard results. The key findings are that when wages are sticky: (i) the Taylor Principle is re‐established as the necessary condition for equilibrium determinacy, and (ii) consumption rises in response to an innovation in government spending if monetary policy is characterized by interest rate smoothing and by a moderately anti‐inflationary stance. Our results help to explain the reduction in the expansionary effects of fiscal shocks observed in the United States since 1980.