Imperfect Common Knowledge and the Effects of Monetary Policy
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This paper reconsiders the Phelps-Lucas hypothesis, according to which temporary real effects of purely nominal disturbances result from imperfect information, but departs from the assumptions of Lucas (1973) in two crucial respects. Due to monopolistically competitive pricing, higher-order
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美国国家经济研究局创建时间：
2001-12-01
