Optimal Monetary Policy with Labor Market Frictions: The Role of the Wage Channel
在价格粘性模型中引入管理层优先谈判替代标准有效谈判，研究拉姆齐最优货币政策，发现无实际工资刚性时价格稳定接近最优，而管理层优先谈判创造了工资渠道影响通胀。
This paper introduces right‐to‐manage bargaining into a labor search model with sticky prices instead of standard efficient bargaining and examines the Ramsey‐optimal monetary policy. Without real wage rigidity, even when the steady state is inefficient, price stability is nearly optimal in response to technology or government shocks. Right‐to‐manage bargaining creates the wage channel to inflation, because there is a direct relationship between real wages and real marginal cost. In the presence of the wage channel, price markups consist of only real marginal cost, and real wages and hours per worker are determined such as in the Walrasian labor market.