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| Author: | Loyo, E. |
| Title: | Imaginary money against sticky relative prices |
| Journal: | European Economic Review
2002 : JUN, VOL. 46:6, p. 1073-1092 |
| Index terms: | COSTS CURRENCY PRICES |
| Language: | eng |
| Abstract: | This paper considers price setting in pure units of account, linked to the means of payment through managed parties. If prices are sticky in the units in which they are set, parity changes may facilitate equilibrium adjustment of relative prices. The paper derives simultaneosly the optimal choice of unit of account by each price setter, and the optimal parity policy. |
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