Imaginary money against sticky relative prices

被引：2
|
作者：
Loyo, E [1 ]
机构：
[1] Harvard Univ, John F Kennedy Sch Govt, Cambridge, MA 02138 USA
[2] Pontificia Univ Catolica Rio de Janeiro, Dept Econ, Rio De Janeiro, Brazil
来源：
EUROPEAN ECONOMIC REVIEW | 2002年 / 46卷 / 06期
关键词：
cost shocks; relative prices; sticky prices; currency multiplicity; optimal currency areas;
D O I：
10.1016/S0014-2921(02)00159-9
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
This paper considers price setting in pure units of account, linked to the means of payment through managed parities. If prices are sticky in the units in which they are set, parity changes may facilitate equilibrium adjustment of relative prices. The paper derives simultaneously the optimal choice of unit of account by each price setter, and the optimal parity policy. The gains from having multiple units of account are computed for a simple calibrated economy. (C) 2002 Elsevier Science B.V. All rights reserved.
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页码：1073 / 1092
页数：20
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