Strategic complementarity, nominal rigidity and the non-neutrality of money : [Version September 1998]
- This paper examines whether an exogenous anticipated monetary shock causes real economic effects, i.e. whether anticipated money is neutral. A major finding is that an anticipated monetary shock can in fact be massively non-neutral in the shortrun, if the economic environment is characterized by strategic complementarity. If the environment is characterized by strategic substitutability, anticipated monetary shocks are largely neutral.
| Author: | Ernst Fehr, Jean-Robert Tyran |
|---|---|
| URN: | urn:nbn:de:hebis:30:3-350063 |
| Parent Title (German): | Institut für Kapitalmarktforschung (Frankfurt am Main): CFS working paper series ; No. 1999,07 |
| Series (Serial Number): | CFS working paper series (1999, 07) |
| Publisher: | Inst. für Kapitalmarktforschung |
| Place of publication: | Frankfurt am Main |
| Document Type: | Working Paper |
| Language: | English |
| Year of Completion: | 1999 |
| Year of first Publication: | 1999 |
| Publishing Institution: | Universitätsbibliothek Johann Christian Senckenberg |
| Release Date: | 2014/09/16 |
| Tag: | behavioral macroeconomics; experimental economics; strategic complementarity |
| GND Keyword: | Geldpolitik; Schock <Wirtschaft>; Makroökonomie; Makroökonomisches Modell; Testen; Verhaltensökonomie; Neutralität des Geldes; Preisstarrheit |
| Issue: | Version September 1998 |
| Page Number: | 40 |
| HeBIS-PPN: | 348140061 |
| Institutes: | Wirtschaftswissenschaften |
| Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) | |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| 3 Sozialwissenschaften / 38 Handel, Kommunikation, Verkehr / 380 Handel, Kommunikation, Verkehr | |
| Licence (German): |  Deutsches Urheberrecht |
