A Search Model of Unemployment and Inflation*
将货币引入标准劳动匹配模型，研究货币增长对长期失业和通胀的影响，发现长期菲利普斯曲线非垂直，并探讨最优货币增长率的影响因素。
Abstract This paper introduces money into the standard labor‐matching model. A double‐coincidence problem makes money necessary as a medium of exchange. In the long run, a rise in the growth rate of money leads to higher inflation and higher unemployment, such that the long‐run Phillips curve is not vertical. The optimal monetary growth rate decreases with greater worker bargaining power, the level of unemployment benefits, and the payroll tax rate.