Gains from Wage Flexibility and the Zero Lower Bound*
分析了名义利率偶尔触及零下限时，提高工资灵活性对福利的影响，发现零下限会放大工资灵活性对福利的不利影响，即使在最优货币政策下也是如此。
Abstract We analyse the welfare impact of greater wage flexibility in the presence of an occasionally binding zero lower bound (ZLB) constraint on the nominal interest rate. We show that the ZLB constraint generally amplifies the adverse effects of greater wage flexibility on welfare when the central bank follows a conventional Taylor rule. When demand shocks are the driving force, the ZLB implies that an increase in wage flexibility reduces welfare even under the optimal monetary policy with commitment.