G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w1216
来源IDWorking Paper 1216
Sticky Prices, Money and Business Fluctuations
Robert G. King; Joseph G. Haubrich
发表日期1983-10-01
出版年1983
语种英语
摘要Can nominal contracts make a difference for the neutrality of money if these arise endogenously in general equilibrium? This paper utilizes aversion of Lucas's seminal equilibrium business cycle theory to address this question. However, we depart from Lucas in assuming that (1) agents have complete information about the money stock; (ii) fundamental shocks to the system are purely redistributive and private information; and (iii) moral hazard precludes conventional insurance markets.With an exogenous restriction on contracts, money is fully neutral. But, when this restrictionis lifted, efficient risk-sharing between suppliers and demanders leads to a potential nonneutralitv of money. In particular, if an increase in the money growth rate signals a rise in the dispersion of shocks to demanders' wealth,then prices adjust only partially to monetary shocks and there is a positive association between money and output.
主题Other ; Macroeconomics
URLhttps://www.nber.org/papers/w1216
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/558440
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Robert G. King,Joseph G. Haubrich. Sticky Prices, Money and Business Fluctuations. 1983.
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