Does money illusion matter?

被引：157

作者：

Fehr, E ^{[1
]}

Tyran, JR

机构：

[1] Univ Zurich, Inst Empir Res Econ, CH-8006 Zurich, Switzerland

[2] Univ St Gallen, Dept Econ, CH-9000 St Gallen, Switzerland

来源：

AMERICAN ECONOMIC REVIEW | 2001年 / 91卷 / 05期

关键词：

D O I：

10.1257/aer.91.5.1239

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, our results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock.

引用

页码：1239 / 1262

页数：24

共 43 条

[1] LABOR SUPPLY, COMMODITY DEMAND AND ALLOCATION OF TIME [J].

ABBOTT, M ;

ASHENFELTER, O .

REVIEW OF ECONOMIC STUDIES, 1976, 43 (03) :389-411

[2]

AKERLOF GA, 1985, Q J ECON, V100, P823

[3]

AKERLOF GA, 1996, BROOKINGS PAPERS EC, V1, P1

[4]

[Anonymous], 1928, THE MONEY ILLUSION

[5] Measurement matters: Recent results from monetary economics reexamined [J].

Belongia, MT .

JOURNAL OF POLITICAL ECONOMY, 1996, 104 (05) :1065-1083

[6] Wage stickiness and aggregate supply in the great depression [J].

Bernanke, BS ;

Carey, K .

QUARTERLY JOURNAL OF ECONOMICS, 1996, 111 (03) :853-883

[7] Why not cut pay? [J].

Bewley, TF .

EUROPEAN ECONOMIC REVIEW, 1998, 42 (3-5) :459-490

[8]

Blanchard O.J., 1986, NBER Macroeconomics Annual, V1, P15, DOI [DOI 10.1086/654013, 10.2307/3585159, DOI 10.2307/3585159]

[9]

BLANCHARD OJ, 1987, AM ECON REV, V77, P647

[10]

Blanchard OJ, 1990, Handbook of Monetary Economics, V2, P779

← 1 2 3 4 5 →