| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w4250 |
| 来源ID | Working Paper 4250 |
| Real Effects of Monetary Shocks in an Economy with Sequential Purchases | |
| Robert E. Lucas, Jr.; Michael Woodford | |
| 发表日期 | 1993 |
| 出版年 | 1993 |
| 语种 | 英语 |
| 摘要 | We study the effects of monetary disturbances in an economy in which sellers must deal with potential buyers in sequence, rather than being able to sell their goods in a Walrasian auction market. Because of the structure of trading assumed, the current state of demand is not revealed to sellers until after the process of sequential transactions has concluded. As a consequence, unanticipated changes in nominal spending flows induce less-than-proportional responses in nominal transaction prices, and changes in the same direction in real output. These effects are similar to those obtained if sellers must commit themselves in advance to money prices, but do not depend upon any cost of changing prices. We fully characterize the stationary intertemporal equilibrium of an economy subject to i.i.d. money supply shocks. We show how the ex ante distribution of monetary shocks affects sellers' pricing strategies, and hence the equilibrium relation between the money supply, the distribution of transaction prices, and the degree to which available productive capacity is utilized. |
| 主题 | Macroeconomics ; Business Cycles |
| URL | https://www.nber.org/papers/w4250 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/561610 |
| 推荐引用方式 GB/T 7714 | Robert E. Lucas, Jr.,Michael Woodford. Real Effects of Monetary Shocks in an Economy with Sequential Purchases. 1993. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w4250.pdf（445KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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