haku: @author Evans, C. / yhteensä: 11
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| 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. |
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