NOMINAL WAGE CONTRACTS AND THE MONETARY TRANSMISSION MECHANISM
在一个单部门货币动态一般均衡模型中引入交错和同步名义工资合同，分析货币传导机制，发现交错合同下经济波动更小、更符合美国数据，但同步合同下货币传导效应更强。
"We introduce staggered and synchronized nominal wage contracts into a one-sector monetary dynamic general equilibrium model to analyze the importance of the monetary transmission mechanism. We find a stronger monetary propagation mechanism under a synchronized setting as compared to a staggered setting. This causes the economy under staggering to be less volatile, better matching the data, as well as bringing about lower welfare costs (measured in terms of consumption). However, our results are mixed when it comses to evaluating the contemporaneous correlations and cross-correlations. We conclude that overall staggered contracts do better in matching the U.S. economy." ("JEL" E32, E51, J41) Copyright 2006 Western Economic Association International.