The Dynamics of Unemployment and Inflation in New Keynesian Models with Two Labor Margins
研究发现，边际工资对冲击的反应远大于平均工资（符合实证观察），这一机制使新凯恩斯模型能复现失业波动，同时边际工资的大幅变动通过增强价格制定者间的战略互补性，与低通胀波动保持一致。
Abstract New Keynesian models for which firms unilaterally adjust labor along both the intensive, and extensive margins usually fail to reproduce the volatility of unemployment. In this paper, we show that a marginal wage much more responsive than the average wage to shocks—in accordance with empirical observations—is a crucial mechanism allowing these models to replicate unemployment dynamics. At the same time, the large movements of the marginal wage are consistent with the low volatility of inflation as such movements induce strong strategic complementarities between price setters.