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of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture … real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided …
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of a monetary shock in that sector, unlike in the nondurable goods sector for which households cannot manufacture … real macroeconomic variables to a monetary shock. Some empirical support for this theory is provided …
Persistent link: https://www.econbiz.de/10014395697
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This paper surveys the research in the past decade on imperfect information models of aggregate supply and the Phillips curve. This new work has emphasized that information is dispersed and disseminates slowly across a population of agents who strategically interact in their use of information....
Persistent link: https://www.econbiz.de/10014025675