The "Patman Effect" and Stabilization Policy
在泰勒的交叠工资合同模型中引入利息成本，考察利率与价格之间的争议性联系，发现利息成本会影响稳定过程并可能恶化产出与价格波动之间的权衡。
This paper examines the controversial link between interest rates and prices by introducing interest costs into John Taylor's model of overlapping wage contracts. We find that the presence of interest costs does affect the stabilization process and can make the tradeoffs between output and price variability less favorable.