Resolving the missing deflation puzzle
提出一个非线性宏观模型，强调价格和工资设定中的非线性在面对大冲击时的重要性，解决了标准线性模型无法解释的缺失通缩之谜，并再现了美国战后通胀的偏态分布。
A resolution of the missing deflation puzzle is proposed. Our resolution stresses the importance of nonlinearities in price- and wage-setting when the economy is exposed to large shocks. We show that a nonlinear macroeconomic model with real rigidities resolves the missing deflation puzzle, while a linearized version of the same underlying nonlinear model fails to do so. In addition, our nonlinear model reproduces the skewness of inflation and other macroeconomic variables observed in post-war U.S. data. All told, our results caution against the common practice of using linearized models to study inflation and output dynamics.