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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w1216 |
来源ID | Working 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 |
URL | https://www.nber.org/papers/w1216 |
来源智库 | National Bureau of Economic Research (United States) |
引用统计 | |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558440 |
推荐引用方式 GB/T 7714 | Robert G. King,Joseph G. Haubrich. Sticky Prices, Money and Business Fluctuations. 1983. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w1216.pdf(237KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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