Imperfect Information and Wage Inertia in the Business Cycle
解释名义工资为何比货币供应量更持久且波动更小，认为这是由经济主体无法区分关键变量的永久与暂时变动导致的临时工资刚性所致，对理解滞胀现象有参考价值。
Nominal wages have less variation about a trend than the money supply does, and the variation is more persistent. This inertia in the nominal wage is often cited as the principal source of stagflation. This paper explains the phenomenon by appealing to temporary wage inflexibility in an environment where agents cannot directly disentangle permanent versus transitory movements in key state variables. A wage equation results that is a distributed lag of previous values of the state variables, including money. Nominal wage variation becomes less sensitive to the money supply as agents' ability to detect the permanent evolution of the money supply declines.