價格僵固性之下的長期經濟表現

Abstract

This paper studies the long-run economic performance in a sticky price model where firms have the ability to set their prices. We pay our attention to the effects of the variations of the price level on the real variables under different money supply rules and policy parameters at steady state. The main finding shows that the sticky price economy with a low growth rate of money supply has a better long-run performance than the flexible price economy where the classical neutrality applies. It is clear that money is not neutral in our model.