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Kenji Miyazaki

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Preprint Sep 2026

Inherited Wage Dispersion and Optimal Discretion in a Dual-Rigidity TANK Model

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 es...

Kenji Miyazaki · 0 citations

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