Stability and wage acceleration in macroeconomic models of cyclical growth
研究基于NAIRU概念的宏观经济模型中工资加速参数对稳态稳定性的影响，发现存在一个正参数范围使稳态渐近稳定，模型产生收敛于新古典增长路径的阻尼周期。
Abstract This paper is concerned with the stability of macroeconomic models in which there is no long‐run trade‐off between unemployment and inflation, because of a wage adjustment equation based on the NAIRU concept. It is shown, for a simple theoretical model and for the Bergstrom–Nowman–Wymer continuous‐time macro‐econometric model of the UK, that there is a bounded range of positive values of the wage acceleration parameter (determining the effect of labour demand on wage acceleration) for which the steady state is asymptotically stable. Then, each model generates damped cycles about a path converging to the steady‐state neoclassical growth path. Copyright © 2001 John Wiley & Sons, Ltd.