Pith Number

pith:3O75M47W

pith:2026:3O75M47WMV2ACL5SMTX7NB7IKO

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When Redistribution Becomes a State Variable: Monetary-Fiscal Stabilization with Type-Specific Sticky Wages

Kenji Miyazaki

Type-specific sticky wages turn redistribution into a persistent state variable requiring history-dependent fiscal transfers.

arxiv:2605.15614 v1 · 2026-05-15 · econ.GN · q-fin.EC

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Claims

C1strongest claim

Inflation stabilization or contemporaneous profit-wedge neutralization generally fails to restore the corresponding representative-agent allocation. Under the maintained commitment benchmark, RANK-equivalent stabilization from period t=1 onward requires history-dependent transfers that respond to inherited wage dispersion, not only current profits.

C2weakest assumption

The assumption that each household type adjusts its nominal wage relative to its own previous wage (own-lag contract), which makes the cross-type wage gap a payoff-relevant distributional state variable that follows a second-order expectational law of motion.

C3one line summary

In a TANK model with type-specific sticky wages, the cross-type wage gap emerges as a second-order state variable requiring history-dependent transfers for RANK-equivalent stabilization.

References

32 extracted · 32 resolved · 1 Pith anchors

[1] Acharya, Sushant, Édouard Challe, and Keshav Dogra. 2023. ``Optimal Monetary Policy According to HANK.'' American Economic Review 113 (7): 1741--82. https://doi.org/10.1257/aer.20200239 2023 · doi:10.1257/aer.20200239

[2] Adamopoulou, Effrosyni, Luis Díez-Catalán, and Ernesto Villanueva. 2024. Staggered Contracts and Unemployment During Recessions. Working Paper. Banco de Espa ñ a. https://doi.org/10.53479/36473 2024 · doi:10.53479/36473

[3] greedflation conundrum 2017 · doi:10.1111/ecin.12424

[4] Auclert, Adrien. 2019. ``Monetary Policy and the Redistribution Channel.'' American Economic Review 109 (6): 2333--67. https://doi.org/10.1257/aer.20160137 2019 · doi:10.1257/aer.20160137

[5] Auclert, Adrien, Bence Bardóczy, and Matthew Rognlie. 2023. ``MPCs, MPEs, and Multipliers: A Trilemma for New Keynesian Models.'' The Review of Economics and Statistics 105 (3): 700--712. https://doi. 2023 · doi:10.1162/rest_a_01072

Formal links

2 machine-checked theorem links

Receipt and verification

First computed	2026-05-20T00:01:08.215920Z
Builder	pith-number-builder-2026-05-17-v1
Signature	Pith Ed25519 (`pith-v1-2026-05`) · public key
Schema	pith-number/v1.0

Canonical hash

dbbfd673f66574012fb264eff687e85380ea88ed330e1b7069aacbb1f6211361

Aliases

arxiv: 2605.15614 · arxiv_version: 2605.15614v1 · doi: 10.48550/arxiv.2605.15614 · pith_short_12: 3O75M47WMV2A · pith_short_16: 3O75M47WMV2ACL5S · pith_short_8: 3O75M47W

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curl -sH 'Accept: application/ld+json' https://pith.science/pith/3O75M47WMV2ACL5SMTX7NB7IKO \
  | jq -c '.canonical_record' \
  | python3 -c "import sys,json,hashlib; b=json.dumps(json.loads(sys.stdin.read()), sort_keys=True, separators=(',',':'), ensure_ascii=False).encode(); print(hashlib.sha256(b).hexdigest())"
# expect: dbbfd673f66574012fb264eff687e85380ea88ed330e1b7069aacbb1f6211361

Canonical record JSON

{
  "metadata": {
    "abstract_canon_sha256": "6d2526104ebe55983774f87f57ec9e2c7c1a70860df1ab7673502b626641f830",
    "cross_cats_sorted": [
      "q-fin.EC"
    ],
    "license": "http://arxiv.org/licenses/nonexclusive-distrib/1.0/",
    "primary_cat": "econ.GN",
    "submitted_at": "2026-05-15T04:51:38Z",
    "title_canon_sha256": "0cd2bb7ab2afd0ad748a1361e790a00edf4cd8205d77ee16402e7adfc45d41a4"
  },
  "schema_version": "1.0",
  "source": {
    "id": "2605.15614",
    "kind": "arxiv",
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  }
}