Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality:
In principle, money illusion could explain the inertial adjustment of prices after changes of monetary policy. Hence, money illusion could provide an explanation of monetary non-neutrality. However, this explanation has been thoroughly discredited in modern economics. As a consequence, economists ha...
Saved in:
| Main Author: | |
|---|---|
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Berlin, Heidelberg
Springer Berlin Heidelberg
1999
|
| Edition: | 1st ed. 1999 |
| Series: | Lecture Notes in Economics and Mathematical Systems
472 |
| Subjects: | |
| Online Access: | BTU01 Volltext |
| Summary: | In principle, money illusion could explain the inertial adjustment of prices after changes of monetary policy. Hence, money illusion could provide an explanation of monetary non-neutrality. However, this explanation has been thoroughly discredited in modern economics. As a consequence, economists have ever since the 1970s searched for alternative explanations for nominal rigidity. These explanations are all based on the assumption of fully rational economic agents, holding rational expectations. This book argues that money illusion has been prematurely dismissed as an explanation of monetary non-neutrality. Methods of experimental economics are used to investigate the real aggregate effects of money illusion. It is shown that money illusion in fact causes (short-run) real income effects if strategic complementarity prevails. Strategic complementarity is an important characteristic of naturally occurring macroeconomies and is a recurrent theme in most models explaining nominal rigidity |
| Physical Description: | 1 Online-Ressource (X, 228 p) |
| ISBN: | 9783642468834 |
| DOI: | 10.1007/978-3-642-46883-4 |
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| spelling | Tyran, Jean-Robert Verfasser aut Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality by Jean-Robert Tyran 1st ed. 1999 Berlin, Heidelberg Springer Berlin Heidelberg 1999 1 Online-Ressource (X, 228 p) txt rdacontent c rdamedia cr rdacarrier Lecture Notes in Economics and Mathematical Systems 472 In principle, money illusion could explain the inertial adjustment of prices after changes of monetary policy. Hence, money illusion could provide an explanation of monetary non-neutrality. However, this explanation has been thoroughly discredited in modern economics. As a consequence, economists have ever since the 1970s searched for alternative explanations for nominal rigidity. These explanations are all based on the assumption of fully rational economic agents, holding rational expectations. This book argues that money illusion has been prematurely dismissed as an explanation of monetary non-neutrality. Methods of experimental economics are used to investigate the real aggregate effects of money illusion. It is shown that money illusion in fact causes (short-run) real income effects if strategic complementarity prevails. Strategic complementarity is an important characteristic of naturally occurring macroeconomies and is a recurrent theme in most models explaining nominal rigidity Macroeconomics/Monetary Economics//Financial Economics Macroeconomics Geldillusion (DE-588)4156421-2 gnd rswk-swf Neutralität des Geldes (DE-588)4284301-7 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Neutralität des Geldes (DE-588)4284301-7 s Geldillusion (DE-588)4156421-2 s DE-604 Erscheint auch als Druck-Ausgabe 9783540658719 Erscheint auch als Druck-Ausgabe 9783642468841 https://doi.org/10.1007/978-3-642-46883-4 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Tyran, Jean-Robert Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality Macroeconomics/Monetary Economics//Financial Economics Macroeconomics Geldillusion (DE-588)4156421-2 gnd Neutralität des Geldes (DE-588)4284301-7 gnd |
| subject_GND | (DE-588)4156421-2 (DE-588)4284301-7 (DE-588)4113937-9 |
| title | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality |
| title_auth | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality |
| title_exact_search | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality |
| title_exact_search_txtP | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality |
| title_full | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality by Jean-Robert Tyran |
| title_fullStr | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality by Jean-Robert Tyran |
| title_full_unstemmed | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality by Jean-Robert Tyran |
| title_short | Money Illusion and Strategic Complementarity as Causes of Monetary Non-Neutrality |
| title_sort | money illusion and strategic complementarity as causes of monetary non neutrality |
| topic | Macroeconomics/Monetary Economics//Financial Economics Macroeconomics Geldillusion (DE-588)4156421-2 gnd Neutralität des Geldes (DE-588)4284301-7 gnd |
| topic_facet | Macroeconomics/Monetary Economics//Financial Economics Macroeconomics Geldillusion Neutralität des Geldes Hochschulschrift |
| url | https://doi.org/10.1007/978-3-642-46883-4 |
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