The Consequences of Rigid Wages in Search Models
标准搜索匹配模型无法解释失业和职位空缺的周期波动幅度，引入刚性工资后波动放大一个数量级，但福利后果可忽略。
The standard theory of equilibrium unemployment, the Mortensen-Pissarides search and matching model, cannot explain the magnitude of the business cycle fluctuations in two of its central elements, unemployment and vacancies.Modifying the model to make the present value of wages unresponsive to current labor market conditions amplifies fluctuations in unemployment and vacancies by an order of magnitude, significantly improving the performance of the model.Despite this, the welfare consequences of such rigid wages is negligible.