Economics, Econometrics and Finance
4 years ago

Monetary policy has no limits on prices in new economic model

SSRN Electronic Journal
General Equilibrium and the New Neoclassical Synthesis
P. Jean‐Jacques Herings

Paper Summary

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The article presents a model that looks at how prices in the economy can be sticky, meaning they don't change quickly. This model shows that monetary policy doesn't have much effect on prices in the long run. Stickiness of prices can lead to uncertainty in the economy.