Intrinsic Persistence of Wage Inflation in New Keynesian Models of the Business Cycles
推导并估计了一个包含内在惯性的新凯恩斯工资菲利普斯曲线，基于工资调整概率随时间的递增函数，并通过贝叶斯估计证明该模型优于常用替代方法。
We derive and estimate a New Keynesian wage Phillips curve that accounts for intrinsic inertia. In line with microevidence on wage setting, we consider a wage‐setting model featuring an upward‐sloping hazard function, based on the notion that the probability of resetting a wage depends on the time elapsed since the last reset. Our wage Phillips curve embeds also backward terms. We test the hazard function slope using generalized method of moment estimation. Then, placing our equation in a small‐scale New Keynesian model, we investigate its dynamic properties using Bayesian estimation. Model comparison shows that our model outperforms commonly used alternative methods to introduce persistence.