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Money Iillusion and Strategic Complementarity as Causes of Monetary Non-neutrality
J-.R. Tyran
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Description for Money Iillusion and Strategic Complementarity as Causes of Monetary Non-neutrality
Paperback. This study 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. Series: Lecture Notes in Economics and Mathematical Systems. Num Pages: 238 pages, biography. BIC Classification: KCBM. Category: (P) Professional & Vocational. Dimension: 234 x 156 x 13. Weight in Grams: 375.
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 ... Read more
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 ... Read more
Product Details
Format
Paperback
Publication date
1999
Publisher
Springer-Verlag Berlin and Heidelberg GmbH & Co. KG Germany
Number of pages
238
Condition
New
Series
Lecture Notes in Economics and Mathematical Systems
Number of Pages
228
Place of Publication
Berlin, Germany
ISBN
9783540658719
SKU
V9783540658719
Shipping Time
Usually ships in 15 to 20 working days
Ref
99-15
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