Inflation Persistence
证明传统Phelps-Taylor工资合同模型无法解释美国通胀和产出数据中的通胀持续性，并提出一个关注相对实际工资的新合同模型，该模型与数据一致。
This paper demonstrates that the behavior of the conventional Phelps-Taylor model of overlapping wage contracts stands in stark contrast with important features of U. S. macro data for inflation and output. In particular, the Phelps-Taylor specification implies far too little inflation persistence. We present a new contracting model, in which agents are concerned with relative real wages, that is data-consistent. In a specification that nests both models, we resoundingly reject the conventional contracting model, but cannot reject the new contracting model.