Long‐Run Inflation and the Distorting Effects of Sticky Wages and Technical Change
研究发现，在正趋势通胀下，粘性工资与技术变革的相互作用会破坏工资系统的配置效率，导致工资分散而非价格分散，从而加剧通胀成本。这对评估通胀成本的新凯恩斯模型提供了支持。
Abstract We show that the Calvo price‐setting model is not necessarily inconsistent with evidence of a weak relation between positive trend inflation and price dispersion. We identify the interaction between sticky wages and technical change as factors disrupting the allocative role of the wage system under positive trend inflation. In turn, this interaction generates inefficient wage dispersion, as opposed to price dispersion, which fuels inflation costs. We conclude that it is too early to dismiss the New Keynesian model as a useful vehicle to assess the costs of inflation.