Sticky Price Models, Durable Goods, and Real Wage Rigidities
标准的两部门新凯恩斯模型在货币冲击后无法产生部门间正向联动且货币中性，本文通过引入实际工资刚性解决了理论与VAR证据的矛盾。
Abstract The standard two‐sector New Keynesian model with durable goods is at odds with conventional wisdom and vector autoregression (VAR) evidence: Following a monetary shock, the model generates (i) either negative or no comovement across sectoral outputs and (ii) aggregate neutrality of money when durable goods' prices are flexible. We reconcile theory with evidence by incorporating real wage rigidities into the standard model: As long as durable goods' prices are more flexible than nondurable goods' prices, we obtain positive sectoral comovement and, thus, aggregate nonneutrality of money.