Monetary Policy and Welfare with Heterogeneous Firms and Endogenous Entry
在粘性工资新凯恩斯模型中引入异质性企业和内生加成率，发现稳定名义工资仅在特定条件下最优，否则会导致稳态消费0.2%的福利损失。
Abstract This paper studies monetary policy and welfare in a sticky wage New Keynesian model with heterogeneous firms and endogenously variable markups. We show that stabilizing nominal wages is optimal only when product creation is based on an instantaneous zero‐profit condition and when the aggregate markup is constant. A constant markup requires strong selection effects generated by a Pareto firm‐level productivity distribution. When product creation is based on a dynamic zero‐profit condition optimal monetary policy accounts for the distribution of firms and the welfare loss from stabilizing nominal wages is between and 0.2% of steady‐state consumption.