Understanding the Gains from Wage Flexibility: The Exchange Rate Connection
使用小型开放经济模型研究工资灵活性增加的收益，发现货币联盟中工资灵活性往往降低福利，质疑了工资灵活性在货币联盟中特别可取的观点。
We study the gains from increased wage flexibility using a small open economy model with staggered price and wage setting. Two results stand out: (i) the effectiveness of labor cost reductions as a means to stimulate employment is much smaller in a currency union, and (ii) an increase in wage flexibility often reduces welfare, more likely so in an economy that is part of a currency union or with an exchange-rate-focused monetary policy. Our findings call into question the common view that wage flexibility is particularly desirable in a currency union.