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Real Rigidities and the Non-Neutrality of Money
Abstract
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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Citations
Cited by
Nominal Rigidities and the Dynamic Effects of a Shock to Monetary Policy
Christiano, L. J., Eichenbaum, M., & Evans, C. L. (2005) · Journal of Political Economy · doi:10.1086/426038 · Cited by 6,238
Optimal Sticky Prices under Rational Inattention
Maćkowiak, B., & Wiederholt, M. (2009) · American Economic Review · doi:10.1257/aer.99.3.769 · Cited by 963
State-Dependent Pricing and the General Equilibrium Dynamics of Money and Output
Dotsey, M., King, R. G., & Wolman, A. L. (1999) · The Quarterly Journal of Economics · doi:10.1162/003355399556106 · Cited by 770
Sticky Information Versus Sticky Prices: A Proposal to Replace the New Keynesian Phillips Curve
Mankiw, N. G. G., & Reis, R. A. M. R. (2001) · SSRN Electronic Journal · doi:10.2139/ssrn.268692 · Cited by 688
Shafir, E., Diamond, P., & Tversky, A. (1997) · The Quarterly Journal of Economics · doi:10.1162/003355397555208 · Cited by 616
Metadata
- Authors
- Ball, L., & Romer, D.
- Venue
- The Review of Economic Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 1990-04
- Volume
- 57
- Issue
- 2
- Pages
- 183
- ISSN
- 0034-6527 (ISSN-L)
- OpenAlex
- W2555097538
- Cited by
- 571
- References
- 0
- FWCI
- 17.36
- Type
- journal article
- Language
- en
- Open access
- closed
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- Ball, L., & Romer, D. (1990). Real Rigidities and the Non-Neutrality of Money. The Review of Economic Studies. https://doi.org/10.2307/2297377
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
