Optimising Agents, Staggered Wages and Persistence in the Real Effects of Money Shocks
将泰勒的交错工资设定纳入优化动态一般均衡框架，研究交错工资能否导致货币冲击实际效应的高度持续性，结论是高度持续性不太可能发生。
In this paper we incorporate Taylor's (1979) staggered wage setting into an optimising dynamic general equilibrium framework to study whether staggered wages could induce a high degree of persistence in the real effects of money shocks. We conclude that high persistence is an unlikely outcome. Sensible values of the microeconomic parameters and/or a moderate rate of underlying inflation imply a low degree of persistence. Furthermore, once explicit microfoundations are taken into account, we show that: (i) the model is highly non‐linear; (ii) the inertia of the system is inversely related to the level of average inflation.