This paper investigates the impact of real wage rigidity on the (de)stabilizing role of demand feedback. I show that destabilizing supply–demand feedback driven by countercyclical precautionary savings demand against uninsured unemployment risk is fundamentally a matter of rigid real wage adjustments over business cycles. Given the estimated wage rigidity consistent with aggregate labor market dynamics in the United States, the quantitative results suggest that the unemployment risk channel has a minor impact on aggregate volatility.

中文翻译：

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工资刚性和不稳定螺旋

本文研究了实际工资刚性对需求反馈的稳定（去）稳定作用的影响。我表明，针对未保险失业风险的反周期预防性储蓄需求所驱动的不稳定供需反馈从根本上来说是商业周期中严格的实际工资调整的问题。鉴于估计的工资刚性与美国劳动力市场总体动态一致，定量结果表明失业风险渠道对总体波动性的影响较小。