search query: @author Ball, L. / total: 10
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| Author: | Ball, L. Romer, D. |
| Title: | Real rigidities and the non-neutrality of money |
| Journal: | Review of Economic Studies
1990 : APR, VOL. 57:2, p. 183-204 |
| Index terms: | MARKET RESEARCH MONEY MARKETS PRICES |
| Language: | eng |
| Abstract: | Rigidities in real prices are not sufficient to create rigidities in nominal prices and real effects of nominal shocks. And, by themselves, small frictions in nominal adjustment, such as costs of changing prices, create only small non-neutralities. Presenting a model, it is shown that substantial nominal rigidity can arise from a combination of real rigidites and small nominal friction. The connection between real and nominal rigidity are analysed given the presence of nominal frictions both in general and for two specific sources of real rigidity, one arising from goods market imperfections and the other from labour market imperfections. |
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