Search Frictions, Real Rigidities, and Inflation Dynamics
在新凯恩斯模型中分析搜索摩擦对通胀动态的影响，发现搜索摩擦造成价格设定的实际刚性，使菲利普斯曲线更平坦，从而增强通胀持续性、放大产出对货币冲击的反应并增加失业波动。
I analyze the effect of search frictions on inflation dynamics, in a New Keynesian model where firms make both pricing and vacancy posting decisions. I find that search frictions create real rigidities in price setting. This mechanism flattens the New Keynesian Phillips curve, relative both to the standard model with a frictionless labor market and a model where pricing and vacancy posting decisions are made by different subsets of firms. This helps the model improve its empirical performance along a number of dimensions. First, inflation becomes more persistent. Second, output responses to monetary shocks become larger and more persistent. Finally, unemployment becomes more volatile