Downward Nominal Wage Rigidity Meets the Zero Lower Bound
在一个允许名义利率触及零下限的新凯恩斯模型中引入名义工资刚性，发现工资刚性减少了零下限事件的发生频率，也减轻了相应衰退的严重程度，因此之前忽略工资刚性的研究可能夸大了提高通胀目标的必要性。
Abstract We add downward nominal wage rigidity to a standard New Keynesian model where the zero lower bound on nominal interest rates is allowed to bind. Wage rigidity reduces the frequency of zero bound episodes but also mitigates the severity of corresponding recessions. As a result, previous studies abstracting from the presence of wage rigidity may have overemphasized the need for increasing the inflation target to offset the costs associated with hitting the zero bound. Moreover, our findings add to the recent debate on the presumed benefits of wage flexibility that has arisen in the aftermath of the Great Recession.