Abstract

We study monetary transmission in a model of state-dependent prices and wages based on ‘control costs’. Stickiness arises because precise choice is costly: decision makers tolerate errors both in the timing of adjustments, and in the new level at which the price or wage is set. The model is calibrated to microdata on the size and frequency of price and wage changes. In our simulations, money shocks have less persistent real effects than in the Calvo framework; nonetheless, the model exhibits a substantial degree of non-neutrality, driven mainly by wage rigidity. State-dependent nominal stickiness implies a flatter Phillips curve as trend inflation declines, because price and wage adjustments become less frequent, making short-run inflation less reactive to shocks. Our model can explain almost half of the observed decline in the slope of the Phillips curve since 2000.

中文翻译：

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菲利普斯曲线的扁平化与国家相关的价格和工资

摘要

我们在基于“控制成本”的依赖于国家的价格和工资模型中研究货币传导。粘性的出现是因为精确的选择代价高昂：决策者容忍调整时机以及设定价格或工资的新水平的错误。该模型根据价格和工资变化的规模和频率的微观数据进行了校准。在我们的模拟中，货币冲击的持续性实际影响不如 Calvo 框架中的；尽管如此，该模型表现出很大程度的非中立性，主要是由工资刚性驱动的。依赖于国家的名义粘性意味着随着趋势通胀的下降，菲利普斯曲线会变得更平坦，因为价格和工资调整变得不那么频繁，使得短期通胀对冲击的反应更小。