Money, unit of account, and nominal rigidity
Author
Abstract
Suggested Citation
DOI: 10.1016/j.econlet.2017.08.008
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Irving Fisher, 1913. "A Compensated Dollar," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 27(2), pages 213-235.
- D. Aliprantis, C. & Camera, G. & Puzzello, D., 2007.
"Anonymous markets and monetary trading,"
Journal of Monetary Economics, Elsevier, vol. 54(7), pages 1905-1928, October.
- Aliprantis, C.D. & Camera, Gabriele & Puzzello, D., 2005. "Anonymous Markets and Monetary Trading," Purdue University Economics Working Papers 1179, Purdue University, Department of Economics.
- Kocherlakota, Narayana R., 1998.
"Money Is Memory,"
Journal of Economic Theory, Elsevier, vol. 81(2), pages 232-251, August.
- Narayana R. Kocherlakota, 1996. "Money is memory," Staff Report 218, Federal Reserve Bank of Minneapolis.
- Young Sik Kim & Manjong Lee, 2013.
"Separation of Unit of Account from Medium of Exchange,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(8), pages 1685-1703, December.
- Young Sik Kim & Manjong Lee, 2013. "Separation of Unit of Account from Medium of Exchange," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 45(8), pages 1685-1703, December.
- Ricardo Lagos & Randall Wright, 2005.
"A Unified Framework for Monetary Theory and Policy Analysis,"
Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.
- Ricardo Lagos & Randall Wright, 2002. "A unified framework for monetary theory and policy analysis," Working Papers (Old Series) 0211, Federal Reserve Bank of Cleveland.
- Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis.
- Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-954, August.
- Robert J. Shiller, 2002.
"Indexed Units of Account: Theory and Assessment of Historical Experience,"
Central Banking, Analysis, and Economic Policies Book Series, in: Fernando Lefort & Klaus Schmidt-Hebbel & Norman Loayza (Series Editor) & Klaus Schmidt-Hebbel (Serie (ed.),Indexation, Inflation and Monetary Policy, edition 1, volume 2, chapter 4, pages 105-134,
Central Bank of Chile.
- Robert J. Shiller, 1998. "Indexed Units of Account: Theory and Assessment of Historical Experience," Cowles Foundation Discussion Papers 1171, Cowles Foundation for Research in Economics, Yale University.
- Robert Shiller, 1998. "Indexed Units of Account: Theory and Assessment of Historical Experience," Working Papers Central Bank of Chile 28, Central Bank of Chile.
- Robert J. Shiller, 1998. "Indexed Units of Account: Theory and Assessment of Historical Experience," NBER Working Papers 6356, National Bureau of Economic Research, Inc.
- Alan S. Blinder, 1994. "On Sticky Prices: Academic Theories Meet the Real World," NBER Chapters, in: Monetary Policy, pages 117-154, National Bureau of Economic Research, Inc.
- Jovanic, Boyan & Ueda, Masako, 1997.
"Contracts and Money,"
Journal of Political Economy, University of Chicago Press, vol. 105(4), pages 700-708, August.
- Boyan Jovanovic & Masako Ueda, 1996. "Contracts and Money," NBER Working Papers 5637, National Bureau of Economic Research, Inc.
- Jovanovic, B. & Ueda, M., 1996. "Contracts and Money," Working Papers 96-23, C.V. Starr Center for Applied Economics, New York University.
- Ricardo Lagos & Guillaume Rocheteau, 2005.
"Inflation, Output, And Welfare,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 46(2), pages 495-522, May.
- Ricardo Lagos & Guillaume Rocheteau, 2004. "Inflation, output, and welfare," Working Papers (Old Series) 0407, Federal Reserve Bank of Cleveland.
- Ricardo Lagos & Guillaume Rocheteau, 2004. "Inflation, output and welfare," Staff Report 342, Federal Reserve Bank of Minneapolis.
- Guido Tabellini & Scott Freeman, 1998.
"The optimality of nominal contracts,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(3), pages 545-562.
- Scott Freeman & Guido Tabellini, 1991. "The optimality of nominal contracts," Working Papers 9114, Federal Reserve Bank of Dallas.
- Scott Freeman & Guido Tabellini, 1991. "The Optimality of Nominal Contracts," NBER Technical Working Papers 0110, National Bureau of Economic Research, Inc.
- Wallace, Neil, 2001. "Whither Monetary Economics?," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 42(4), pages 847-869, November.
- Lucas, Robert E, Jr, 1975. "An Equilibrium Model of the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1113-1144, December.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Choi, Hyung Sun & Kwon, Ohik & Lee, Manjong, 2016.
"Inflation, credit, and indexed unit of account,"
International Review of Economics & Finance, Elsevier, vol. 41(C), pages 144-154.
- Hyung Sun Choi & Ohik Kwon & Manjong Lee, 2013. "Inflation, Credit, and Indexed Unit of Account," Discussion Paper Series 1307, Institute of Economic Research, Korea University.
- Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011.
"Money and capital,"
Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
- S. Boragan Aruoba & Christopher J. Waller, 2005. "Money and Capital," 2005 Meeting Papers 550, Society for Economic Dynamics.
- S. Boragan Aruoba & Christopher J. Waller & Randall Wright, 2007. "Money and capital," Working Papers (Old Series) 0714, Federal Reserve Bank of Cleveland.
- Berentsen, Aleksander & Monnet, Cyril, 2008.
"Monetary policy in a channel system,"
Journal of Monetary Economics, Elsevier, vol. 55(6), pages 1067-1080, September.
- Aleksander Berentsen & Cyril Monet, 2006. "Monetary Policy in a Channel System," IEW - Working Papers 295, Institute for Empirical Research in Economics - University of Zurich.
- Aleksander Berentsen & Cyril Monnet, 2007. "Monetary Policy in a Channel System," CESifo Working Paper Series 1929, CESifo.
- Aleksander Berentsen & Cyril Monnet, 2008. "Monetary policy in a channel system," Working Papers 08-7, Federal Reserve Bank of Philadelphia.
- Benjamin Lester & Andrew Postlewaite & Randall Wright, 2008. "Information, Liquidity and Asset Prices," PIER Working Paper Archive 08-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Chao Gu & Fabrizio Mattesini & Randall Wright, 2016.
"Money and Credit Redux,"
Econometrica, Econometric Society, vol. 84, pages 1-32, January.
- Chao Gu & Fabrizio Mattesini & Randall Wright, 2015. "Money and Credit Redux," Working Papers 1508, Department of Economics, University of Missouri.
- Aleksander Berentsen & Alessandro Marchesiani & Christopher Waller, 2014.
"Floor Systems for Implementing Monetary Policy: Some Unpleasant Fiscal Arithmetic,"
Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 17(3), pages 523-542, July.
- Aleksander Berentsen & Alessandro Marchesiani & Christopher J. Waller, 2013. "Floor systems for implementing monetary policy: Some unpleasant fiscal arithmetic," ECON - Working Papers 121, Department of Economics - University of Zurich, revised Sep 2013.
- Stephen D. Williamson & Randall Wright, 2010.
"New monetarist economics: methods,"
Review, Federal Reserve Bank of St. Louis, vol. 92(May), pages 265-302.
- Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Methods," MPRA Paper 21486, University Library of Munich, Germany.
- Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: methods," Staff Report 442, Federal Reserve Bank of Minneapolis.
- Aleksander Berentsen & Guido Menzio & Randall Wright, 2011.
"Inflation and Unemployment in the Long Run,"
American Economic Review, American Economic Association, vol. 101(1), pages 371-398, February.
- Aleksander Berentsen & Guido Menzio & Randall Wright, 2008. "Inflation and Unemployment in the Long Run," NBER Working Papers 13924, National Bureau of Economic Research, Inc.
- Aleksander Berentsen & Guido Menzio & Randall Wright, 2009. "Inflation and unemployment in the long run," IEW - Working Papers 442, Institute for Empirical Research in Economics - University of Zurich.
- Randall Wright & Guido Menzio & Aleksander Berentsen, 2008. "Inflation and Unemployment in the Long Run," 2008 Meeting Papers 34, Society for Economic Dynamics.
- Berentsen, Aleksander & Menzio, Guido & Wright, Randall D., 2009. "Inflation and unemployment in the long run," Kiel Working Papers 1501, Kiel Institute for the World Economy (IfW Kiel).
- Aleksander Berentsen & Guido Menzio & Randall Wright, 2008. "Inflation and Unemployment in the Long Run," PIER Working Paper Archive 08-012, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
- Guillaume Rocheteau & Peter Rupert & Randall Wright, 2007.
"Inflation and Unemployment in General Equilibrium,"
Scandinavian Journal of Economics, Wiley Blackwell, vol. 109(4), pages 837-855, December.
- Rocheteau, Guillaume & Rupert, Peter & Wright, Randall, 2007. "Inflation and Unemployment in General Equilibrium," University of California at Santa Barbara, Economics Working Paper Series qt2fq1855f, Department of Economics, UC Santa Barbara.
- S. Boragan Aruoba & Christopher J. Waller & Randall Wright, 2009. "Money and capital: a quantitative analysis," Working Papers 2009-031, Federal Reserve Bank of St. Louis.
- Young Sik Kim & Manjong Lee, 2011. "Unit of Account, Medium of Exchange, and Prices," Discussion Paper Series 1104, Institute of Economic Research, Korea University.
- William Luther, 2016.
"Mises and the moderns on the inessentiality of money in equilibrium,"
The Review of Austrian Economics,
Springer;Society for the Development of Austrian Economics, vol. 29(1), pages 1-13, March.
- William J. Luther, 2016. "Mises and the moderns on the inessentiality of money in equilibrium," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 29(1), pages 1-13, March.
- Williamson, Stephen & Wright, Randall, 2010.
"New Monetarist Economics: Models,"
Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 2, pages 25-96,
Elsevier.
- Stephen D. Williamson & Randall Wright, 2010. "New Monetarist Economics: models," Staff Report 443, Federal Reserve Bank of Minneapolis.
- Williamson, Stephen D. & Wright, Randall, 2010. "New Monetarist Economics: Models," MPRA Paper 21030, University Library of Munich, Germany.
- Alessandro Marchesiani & Aleksander Berentsen, 2010. "Standing Facilities Versus Open Market Operations: Equivalence Results," 2010 Meeting Papers 929, Society for Economic Dynamics.
- Lee, Manjong, 2014.
"Constrained or unconstrained price for debit card payment?,"
Journal of Macroeconomics, Elsevier, vol. 41(C), pages 53-65.
- Manjong Lee, 2013. "Constrained or Unconstrained Price for Debit Card Payment?," Discussion Paper Series 1308, Institute of Economic Research, Korea University.
- Martin, Fernando M., 2011.
"On the joint determination of fiscal and monetary policy,"
Journal of Monetary Economics, Elsevier, vol. 58(2), pages 132-145, March.
- Fernando Martin, 2009. "On the Joint Determination of Fiscal and Monetary Policy," Discussion Papers dp09-01, Department of Economics, Simon Fraser University.
- Berentsen, Aleksander & Huber, Samuel & Marchesiani, Alessandro, 2016.
"The societal benefit of a financial transaction tax,"
European Economic Review, Elsevier, vol. 89(C), pages 303-323.
- Aleksander Berentsen & Samuel Huber & Alessandro Marchesiani, 2014. "The societal benefit of a financial transaction tax," ECON - Working Papers 176, Department of Economics - University of Zurich, revised Jul 2016.
- Kiyotaki, Nobuhiro & Lagos, Ricardo & Wright, Randall, 2016. "Introduction to the symposium issue on money and liquidity," Journal of Economic Theory, Elsevier, vol. 164(C), pages 1-9.
- Venky Venkateswaran & Randall Wright, 2014.
"Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity,"
NBER Macroeconomics Annual, University of Chicago Press, vol. 28(1), pages 227-270.
- Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Chapters, in: NBER Macroeconomics Annual 2013, Volume 28, pages 227-270, National Bureau of Economic Research, Inc.
- Venky Venkateswaran & Randall Wright, 2013. "Pledgability and Liquidity: A New Monetarist Model of Financial and Macroeconomic Activity," NBER Working Papers 19009, National Bureau of Economic Research, Inc.
- Janet Hua Jiang & Peter Norman & Daniela Puzzello & Bruno Sultanum & Randall Wright, 2024.
"Is Money Essential? An Experimental Approach,"
Journal of Political Economy, University of Chicago Press, vol. 132(9), pages 2972-2998.
- Janet Hua (duplicate record) Jiang & Peter Norman & Daniela Puzzello & Bruno Sultanum & Randall Wright, 2021. "Is Money Essential? An Experimental Approach," Working Paper 21-12, Federal Reserve Bank of Richmond.
- Janet Hua Jiang & Peter Norman & Daniela Puzzello & Bruno Sultanum & Randall Wright, 2023. "Is Money Essential? An Experimental Approach," Staff Working Papers 23-39, Bank of Canada.
More about this item
Keywords
Medium of exchange; Inflation uncertainty; Rigidity; Unit of account;All these keywords.
JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ecolet:v:160:y:2017:i:c:p:59-63. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/ecolet .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.