haku: @author Evans, C. / yhteensä: 11
viite: 11 / 11
« edellinen | seuraava »
Tekijä: | Christiano, L. Eichenbaum, M. Evans, C. |
Otsikko: | Sticky price and limited participation models of money: a comparison |
Lehti: | European Economic Review
1997 : JUN, VOL. 41:6, p. 1201-1249 |
Asiasana: | ECONOMICS PRICES CREDIT |
Kieli: | eng |
Tiivistelmä: | 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. |
« edellinen | seuraava »
SCIMA