Lecture notes in economics and mathematical systems, 472.
Approaches to the Problem of Monetary Neutrality: Empirical Evidence on the Non-Neutrality of Money from Macroeconomic Data.- Theories of Nominal Rigidity and Monetary Non-Neutrality.- Money Illusion.- Why Can Money Illusion and Strategic Complementarity Cause Monetary Non-Neutrality?.- Summary of Part I and Hypotheses.- Experimental Study: Are Experiments in Macroeconomics Possible?.- Experimental Design to Isolate Causes of Monetary Non-Neutrality.- Results of Experimental Study: Non-Neutrality with Strategic Complementarity.- Does Money Illusion Matter?.- The Effects of Strategic Complements and Strategic Substitutes.- Summary of Results.- Discussion of Results: Empirical Relevance of Results.- Implications for Economic Theory and Policy.