Real Rigidities and the Non-Neutrality of Money
Опубликовано на портале: 17-09-2004
Review of Economic Studies.
1990.
Vol. 57.
No. 2.
P. 183-203.
Тематический раздел:
Rigidities in real prices are not sufficient to create rigidities in nominal prices
and real effects of nominal shocks. And, by themselves, small frictions in nominal
adjustment, such as costs of changing prices, create only small non-neutralities.
But this paper shows that substantial nominal rigidity can arise from a combination
of real rigidities and small nominal frictions. The paper shows the connection between
real and nominal rigidity given the presence of nominal frictions both in general
and for two specific sources of real rigidity, one arising from goods market imperfections
and the other from labour market imperfections.
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