LIMITED ASSET MARKET PARTICIPATION, STICKY WAGES, AND MONETARY POLICY
研究发现，名义工资粘性会阻止IS曲线斜率反转，使得有限资产市场参与不改变最优货币政策规则的设计，对央行福利最大化目标影响不大。
A small amount of nominal wage stickiness makes limited asset market participation (LAMP) irrelevant for the design of monetary policy. Recent research argues that LAMP could invert the slope of the IS curve in otherwise standard New Keynesian models. This, in turn, implies that optimal monetary policy rules should be passive. We show that the so‐called inverted aggregate demand logic (IADL) relies on nominal wage flexibility. Outside of extreme parameterizations, wage stickiness prevents the inversion of the slope of the IS curve. Hence, LAMP does not generally alter the trade‐offs faced by a welfare maximizing Central Bank, and for this reason it does not fundamentally affect the design of optimal simple rules and optimal monetary policy.