search query: @author Tyran, J.-R. / total: 2
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| Author: | Fehr, E. Tyran, J.-R. |
| Title: | Does money illusion matter? |
| Journal: | American Economic Review
2001 : DEC, VOL. 91:5, p. 1239-1262 |
| Index terms: | Monetary policy Economic theory |
| Language: | eng |
| Abstract: | This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. The results indicate also that negative and positve nominal shocks have asymmetric affects 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. |
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