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| Author: | Christiano, L. Eichenbaum, M. Evans, C. |
| Title: | Sticky price and limited participation models of money: a comparison |
| Journal: | European Economic Review
1997 : JUN, VOL. 41:6, p. 1201-1249 |
| Index terms: | ECONOMICS PRICES CREDIT |
| Language: | eng |
| Abstract: | The authors provide new evidence that models of the monetary transmission mechanism should be consistent with at least the following facts. After a contractionary monetary policy shock, the aggregate price level responds very little, aggregate output falls, interest rates initially rise, real wages decline by a modest amount, and profit falls. The authors compare the ability of sticky price and limited participation models with frictionless labour markets to account for these facts. |
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