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Contribution Details
| Type | Journal Article |
| Scope | Discipline-based scholarship |
| Title | Does Money Illusion Matter? |
| Organization Unit | |
| Authors |
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| Item Subtype | Original Work |
| Refereed | Yes |
| Status | Published in final form |
| Language |
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| Journal Title | American Economic Review |
| Publisher | American Economic Association |
| Geographical Reach | international |
| ISSN | 0002-8282 |
| Volume | 91 |
| Number | 5 |
| Page Range | 1239 - 1262 |
| Date | 2001 |
| Abstract Text | This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, our results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock. |
| Free access at | DOI |
| Digital Object Identifier | 10.1257/aer.91.5.1239 |
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