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- W2890465985 abstract "Abstract This paper attempts to assess whether money can generate persistent economic fluctuations in dynamic general equilibrium models of the business cycle. We show that a small nominal friction in the goods market can make the response of output to monetary shocks large and persistent if it is amplified by real-wage rigidity in the labor market. We also argue that for plausible levels of real-wage rigidity, a small degree of nominal stickiness is sufficient for money to produce economic fluctuations as persistent as those observed in the data." @default.
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- W2890465985 title "Generating real persistent effects of monetary shocks: How much nominal rigidity do we really need?" @default.
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- W2890465985 doi "https://doi.org/10.1016/s0014-2921(98)00006-3" @default.
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