Real Wage Rigidities and the Cost of Disinflations
在新凯恩斯模型中分析实际工资刚性对可信通货紧缩政策成本的影响，发现考虑非线性后，通货紧缩反而永久提高产出水平，实际工资刚性在调整期间增加产出。
This paper analyzes the cost of disinflations under real wage rigidities in a micro‐founded New Keynesian model. The conventional view is that real wage rigidities can be a useful mechanism to generate a slump in output after a credible disinflationary policy because they prevent the immediate adjustment of inflation. This view is flawed, since it depends on analyzing the model in a linearized framework. Once nonlinearities are taken into account, the results change both qualitatively and quantitatively. Disinflations actually lead to a permanently higher level of output, and real wage rigidities increase the output during the adjustment to the new steady state.