双刚性TANK模型中的继承工资离散与最优自由裁量
Inherited Wage Dispersion and Optimal Discretion in a Dual-Rigidity TANK Model
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- Hosei University（法政大学）
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中文总结 AI 辅助
该论文研究双刚性TANK模型中继承的工资差距对最优货币政策的影响，通过秩条件刻画其价值相关性，并发现最优平滑优于立即消除差距，且自由裁量与承诺一致。
中文摘要 AI 辅助
在转移支付被动的情况下，继承的跨类型工资差距如何进入马尔可夫完美自由裁量货币政策？在一个具有价格粘性和类型特定自身滞后工资调整的双代理人新凯恩斯模型中，该差距改变了可实现配置和二阶福利损失。一个正的下界确立了其价值相关性；显式秩条件刻画了当前价格通胀、工资通胀和产出缺口何时无法决定实施的名义利率。一个示例参数化满足这些条件，尽管在条件于所有三个总量变量后，额外状态解释了很少的名义利率方差。与固定规则相比的福利比较主要由总量工资通胀稳定驱动，并未分离分配信息的价值。不受限制的定向转移支付将总量配置与遗留工资差距过渡分开。在CES一致的分配块中，最优平滑消除了消费离散，优于立即消除工资差距，并在自由裁量和日期0承诺下一致。
英文摘要
How does an inherited cross-type wage gap enter Markov-perfect discretionary monetary policy when transfers are passive? In a two-agent New Keynesian model with sticky prices and type-specific own-lag wage adjustment, the gap changes implementable allocations and the second-order welfare loss. A positive lower bound establishes its value relevance; explicit rank conditions characterize when current price inflation, wage inflation, and the output gap fail to determine the implementing nominal rate. An illustrative parameterization satisfies these conditions, although the additional state explains little nominal-rate variance after conditioning on all three aggregate variables. Welfare comparisons with fixed rules are driven mainly by aggregate wage-inflation stabilization and do not isolate the value of distributional information. Unrestricted targeted transfers separate aggregate allocation from the legacy wage-gap transition. In the CES-consistent distribution block, optimal smoothing eliminates consumption dispersion, improves on immediate wage-gap elimination, and coincides under discretion and date-0 commitment.
