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Cookie akzeptierenJean-Robert Tyran
Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality
- Springer Berlin Heidelberg
- 1999
- Taschenbuch
- 244 Seiten
- ISBN 9783540658719
In principle, money illusion could explain the inertial adjustment of prices after changes of monetary policy. Hence, money illusion could provide an explanation of monetary non-neutrality. However, this explanation has been thoroughly discredited in modern economics. As a consequence, economists have ever since the 1970s searched for alternative explanations for nominal rigidity. These explanations are all based on the assumption of fully rational economic agents, holding rational expectations. This book argues that money illusion has been prematurely dismissed as an explanation of monetary non- neutrality. Methods of experimental economics are used to investigate the real aggregate effects of money illusion. It is shown that money illusion
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