| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2561 |
| DP2561 Does Money Illusion Matter? An Experimental Approach | |
| Ernst Fehr; Jean-Robert Tyran | |
| 发表日期 | 2000-09-26 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Money illusion means that people behave differently when the same objective situation is represented in nominal terms rather than in real terms. This paper shows that seemingly innocuous differences in payoff representation cause pronounced differences in nominal price inertia indicating the behavioural importance of money illusion. In particular, if the payoff information is presented to subjects in nominal terms, price expectations and actual price choices after a fully anticipated negative nominal shock are much stickier than when payoff information is presented in real terms. In addition we show that money illusion causes asymmetric effects of negative and positive nominal shocks. While nominal inertia is quite substantial and long-lasting after a negative shock, it is rather small after a positive shock. |
| 主题 | International Macroeconomics |
| 关键词 | Money illusion Nominal inertia Sticky prices Non-neutrality of money |
| URL | https://cepr.org/publications/dp2561 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531632 |
| 推荐引用方式 GB/T 7714 | Ernst Fehr,Jean-Robert Tyran. DP2561 Does Money Illusion Matter? An Experimental Approach. 2000. |
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