Inventory Investment and the Empirical Phillips Curve
研究了包含成品库存投资的Calvo定价模型，发现当前通胀取决于销售边际成本而非生产边际成本，并利用库存均衡条件测度边际成本，构建了不依赖单位劳动成本的经验菲利普斯曲线。
In this paper, we study the Calvo pricing models with finished goods inventory investment to demonstrate that the current inflation can be expressed as a function of the marginal cost of sales, not the marginal production cost, and expected future inflation. Under the assumption that the true aggregate marginal costs are not observable in actual data, we make use of equilibrium conditions for aggregate finished goods inventories to measure the time series of marginal costs, thereby leading to the construction of inflation series on the basis of the Phillips curve. Our results indicate the possibility of a successful fit of the empirical New Keynesian Phillips curve without relying on unit labor cost—a conventional measure of marginal production cost in the literature.