THE PHILLIPS CURVE IN A MATCHING MODEL
在Lagos-Wright模型中嵌入货币冲击，通过假设个体转移的噪声足够大，使代理人无法推断总体冲击，从而在总体冲击分布接近退化时，得到总产出随货币存量增长率上升而上升的菲利普斯曲线关系。
Abstract Following ideas in Hume, monetary shocks are embedded in the Lagos‐Wright model in a new way: There are only nominal shocks accomplished by individual transfers that are sufficiently noisy so that realizations of those transfers do not permit the agents to deduce much about the aggregate realization. Assuming that the distribution of aggregate shocks is almost degenerate, aggregate output increases with the growth rate of the stock of money—our definition of the Phillips curve. This almost degeneracy assumption is far from being necessary; under some mild conditions, the Phillips curve result holds for a large class of distributions.