A neoclassical model of the Phillips curve relation
将现代失业理论与有限参与货币模型结合，考察该框架能否产生类似菲利普斯曲线的相关性及现实的劳动力市场动态，并分析货币与真实冲击的影响。
This paper integrates the modern theory of unemployment with a limited participation model of money and asks whether such a framework can produce correlations like those associated with the Phillips curve as well as realistic labor market dynamics. The model incorporates both monetary and real shocks. The response of the economy to monetary policy shocks is consistent with recent evidence about the impact of these shocks on the economy.