Downward Nominal Wage Rigidity and Inflation Dynamics during and after the Great Recession
构建了一个嵌入异质性工人和非对称工资调整成本的新凯恩斯模型，解释了美国大衰退期间通缩缺失和之后通胀缺失两个谜题，并匹配了微观工资调整证据。
Abstract In this paper, I develop a New Keynesian model that embeds heterogeneous workers with asymmetric wage adjustment costs to address two inflation puzzles: missing deflation during the Great Recession and the subsequent missing inflation. When the wage adjustment costs are estimated according to U.S. microwage data, downward nominal wage rigidity emerges, which flattens the observed price Phillips curve during and after recessions. Endogenous evolution of the cross‐sectional wage distribution generates nonlinear dynamics including the sign, size, and state dependence. These nonlinearities enable the model to address the inflation puzzles as well as matching microevidence on wage adjustments.