Monetary Policy, Trend Inflation, and Unemployment Volatility
研究发现，即使没有工资粘性，只要存在价格分散和非零长期通胀率，DMP模型也能产生较大的劳动力市场波动，货币政策可能解释了失业变量的高标准差，且Shimer谜题在货币政策冲击下消失。
Abstract The literature has long agreed that the DMP model (after Diamond 1982, Mortensen 1982, Pissarides 1985) with search and matching frictions in the labor market can deliver large volatilities in labor market quantities, consistent with empirical data, only if there is at least some wage stickiness. I show, however, that the model can deliver nontrivial volatilities without wage stickiness, as long as it has price dispersion and nonzero long‐run inflation rates. I find that by keeping inflation at a positive rate, monetary policy may be accountable for the large standard deviations observed on labor market variables. In addition, the Shimer (2005) puzzle disappears under monetary policy shocks.