Damjanovic, V. and Nolan, C. (2006) Aggregation and optimization with state-dependent pricing: a comment. Econometrica, 74(2), pp. 565-573. (doi: 10.1111/j.1468-0262.2006.00672.x)
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Abstract
A key argument in Caplin and Leahy (1997) states that the correlation between monetary shocks and output is falling in the variance of the money supply. We demonstrate that this conclusion depends on solving for the correlation in the nonstationary state of the model. In the stationary state, that correlation is initially rising.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Nolan, Professor Charles |
| Authors: | Damjanovic, V., and Nolan, C. |
| Subjects: | H Social Sciences > HB Economic Theory |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Econometrica |
| ISSN: | 0012-9682 |
| ISSN (Online): | 1468-0262 |
| Published Online: | 21 February 2006 |
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