The Passthrough of Labor Costs to Price Inflation
使用时变参数随机波动VAR模型，研究美国劳动力成本变化对价格通胀的传导效应，发现近年来劳动力成本独立变动对通胀影响甚微，质疑了工资刚性等解释。
Abstract We use a time‐varying parameter/stochastic volatility VAR framework to assess how the passthrough of labor costs to price inflation has evolved over time in U.S. data. We find little evidence that independent movements in labor costs have had a material effect on price inflation in recent years, even for compensation measures where some degree of passthrough to prices still appears to be present. Our results cast doubt on explanations of recent inflation behavior that appeal to such mechanisms as downward nominal wage rigidity or a differential contribution of long‐term and short‐term unemployed workers to wage and price pressures.