Sticky Prices or Sticky Wages? An Equivalence Result
证明在新凯恩斯模型中，粘性价格加灵活工资与灵活价格加粘性工资在GDP、消费、就业等总量上等价，但利润和工资分配不同，且等价性在异质性主体等模型中失效。
Abstract We show an equivalence result in the representative-agent New-Keynesian model after demand, wage-markup and correlated price-markup and TFP shocks: assuming sticky prices and flexible wages yields identical allocations for GDP, consumption, labor, inflation and interest rates to the opposite case—flexible prices and sticky wages. This equivalence arises with identical price and wage Phillips-curve slopes and generalizes to any slopes' pair whose sum and product are identical. Equilibrium profits and wages are, however, substantially different; equivalence breaks when these factor-distributional implications matter for aggregate allocations, e.g. in New-Keynesian models with heterogeneous agents, endogenous firm entry, and non-constant returns to scale.