Monetary Misperceptions, Output and Inflation Dynamics

Fabrice Collard and Harris Dellas ()

No 2009-23, School of Economics and Public Policy Working Papers from University of Adelaide, School of Economics and Public Policy

Abstract: We revisit the contribution of misperceived money to business cycles, and in particular to the inertial dynamics of inflation following a monetary policy shock. We establish three things. First, the difference between preliminary and revised money data captures monetary misperceptions well. Second, misperceived money is quantitatively substantial and also matters significantly for economic activity. And third, imperfect information about monetary aggregates can help the standard NK model exhibit inertial inflation dynamics.

Keywords: monetary misperceptions; measurement error; unanticipated money; ination inertia (search for similar items in EconPapers)
JEL-codes: E32 E52 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2009
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Monetary Misperceptions, Output, and Inflation Dynamics (2010)
Journal Article: Monetary Misperceptions, Output, and Inflation Dynamics (2010)
Working Paper: Monetary Misperceptions, Output and Inflation Dynamics (2010)
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Persistent link: https://EconPapers.repec.org/RePEc:adl:wpaper:2009-23

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