Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
构建了一个包含适度名义刚性的模型，通过引入平均持续三个季度的交错工资合同和可变资本利用率，解释了货币政策扩张冲击后通胀惯性和产出持续性的成因。
We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts that have an average duration of three quarters and variable capital utilization.