Inflation Persistence and Relative Contracting
指出Fuhrer和Moore（1995）的相对合约模型虽然能产生通胀持续性，但其假设工人关心他人过去的实际工资不合理；若改为关心当前实际工资，则模型不再有通胀持续性。
Macroeconomists have for some time been aware that the New Keynesian Phillips curve, though highly popular in the literature, cannot explain the persistence observed in actual inflation. We argue that one of the more prominent alternative formulations, the Fuhrer and Moore (1995) relative contracting model, is highly problematic. Fuhrer and Moore's 1995 formulation generates inflation persistence, but this is a consequence of their assuming that workers care about the past real wages of other workers. Making the more reasonable assumption that workers care about the current real wages of other workers, one obtains the standard formulation with no inflation persistence.