New Keynesian models for which firms unilaterally adjust labor along both the intensive, and extensive margins usually fail to reproduce the volatility of unemployment. In this paper, we show that a marginal wage much more responsive than the average wage to shocks—in accordance with empirical observations—is a crucial mechanism allowing these models to replicate unemployment dynamics. At the same time, the large movements of the marginal wage are consistent with the low volatility of inflation as such movements induce strong strategic complementarities between price setters.

中文翻译：

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具有两种劳动裕度的凯恩斯主义新模型中的失业和通货膨胀动态

企业采用单边调整密集型和广泛性利润率的单边凯恩斯主义新模型通常无法重现失业的动荡。在本文中，我们表明，根据经验观察，边际工资比平均工资对冲击的反应要快得多，这是使这些模型能够复制失业动态的关键机制。同时，边际工资的大变动与通货膨胀率低相一致，因为这种变动在价格制定者之间产生了强大的战略互补性。