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https://hdl.handle.net/2440/59783
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Type: | Journal article |
Title: | Monetary misperceptions, output, and inflation dynamics |
Author: | Collard, F. Dellas, H. |
Citation: | Journal of Money, Credit and Banking, 2010; 42(2-3):483-502 |
Publisher: | Ohio State Univ Press |
Issue Date: | 2010 |
ISSN: | 0022-2879 1538-4616 |
Statement of Responsibility: | Fabrice Collard, Harris Dellas |
Abstract: | We revisit the contribution of misperceived money to business cycles and, in particular, to the inertial dynamics of inflation following a monetary policy shock. We establish three things. First, the difference between preliminary and revised money data captures monetary misperceptions well. Second, misperceived money is quantitatively substantial and also matters significantly for economic activity. And third, imperfect information about monetary aggregates can help the standard NK model exhibit inertial inflation dynamics. |
Keywords: | monetary misperceptions measurement error unanticipated money inflation inertia |
Rights: | © 2010 The Ohio State University |
DOI: | 10.1111/j.1538-4616.2009.00296.x |
Published version: | http://dx.doi.org/10.1111/j.1538-4616.2009.00296.x |
Appears in Collections: | Aurora harvest 5 Economics publications |
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