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.

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Metadaten
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):License LogoDeutsches Urheberrecht