Flattening of the Phillips Curve with State-Dependent Prices and Wages
研究基于控制成本的状态依赖价格和工资模型，发现货币冲击的实际效应比Calvo框架弱，但工资刚性仍导致显著非中性；模型解释了2000年以来菲利普斯曲线斜率下降的近一半原因。
Abstract We study monetary transmission in a model of state-dependent prices and wages based on ‘control costs’. Stickiness arises because precise choice is costly: decision makers tolerate errors both in the timing of adjustments, and in the new level at which the price or wage is set. The model is calibrated to microdata on the size and frequency of price and wage changes. In our simulations, money shocks have less persistent real effects than in the Calvo framework; nonetheless, the model exhibits a substantial degree of non-neutrality, driven mainly by wage rigidity. State-dependent nominal stickiness implies a flatter Phillips curve as trend inflation declines, because price and wage adjustments become less frequent, making short-run inflation less reactive to shocks. Our model can explain almost half of the observed decline in the slope of the Phillips curve since 2000.