Monetary equilibrium and price stickiness: Causes, consequences and remedies

被引：6
|
作者：
Bagus, Philipp [1 ]
Howden, David [2 ]
机构：
[1] Univ Rey Juan Carlos, Dept Appl Econ 1, Madrid 28032, Spain
[2] St Louis Univ, Dept Business & Econ, Madrid Campus,Ave Valle 34, Madrid 28003, Spain
来源：
REVIEW OF AUSTRIAN ECONOMICS | 2011年 / 24卷 / 04期
关键词：
Rigidities; Sticky prices; Monetary equilibrium theory; Free banking; 100% Reserve banking;
D O I：
10.1007/s11138-011-0151-7
中图分类号：
G40 [教育学];
学科分类号：
040101 ; 120403 ;
摘要：
We assess monetary equilibrium theory by focusing on its foundation-price stickiness-and answer several ancillary questions. Prices are sticky at times. Contra monetary equilibrium theorists, this is not a reason to advocate an issuance of fiduciary media to counteract the effects of a sluggish price adjustment process. Issuances of fiduciary media will breed negative effects, primarily via wealth redistributions, faulty interest rate signals and exacerbated business cycles. Allowing the price level to adjust to maintain monetary equilibrium provides for fewer detrimental effects than adjusting the supply of credit.
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页码：383 / 402
页数：20
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