Equilibrium Unemployment, Job Flows, and Inflation Dynamics
构建并估计了一个包含名义价格刚性和均衡失业理论的总体经济模型，解释了就业、工时、工作创造与破坏对货币政策冲击的反应，并说明劳动力市场搜索摩擦导致边际成本对产出弹性降低，有助于解释通胀粘性和产出持续性。
In order to explain the joint fluctuations of output, inflation and the labor market, this paper develops and estimates a general equilibrium model that integrates a theory of equilibrium unemployment into a monetary model with nominal price rigidities. The estimated model accounts for the responses of employment, hours per worker, job creation, and job destruction to a monetary policy shock. Moreover, search frictions in the labor market generate a lower elasticity of marginal costs with respect to output. This helps to explain the sluggishness of inflation and the persistence of output that are observed in the data.