Imperfect Common Knowledge and the Effects of Monetary Polic…
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- DOI 10.2307/j.ctv18zhdvn.6
- OpenAlex ID W3124699338
- Type Book-chapter
- Language EN
- Published 12 Jan 2021
- Pages 25–58
- Source Princeton University Press eBooks
- Publisher Princeton University Press
- FWCI 52.46
- Countries 1
- Institutions 2
- Added 10 Oct 2025
- Updated 12 Oct 2026
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Imperfect Common Knowledge and the Effects of Monetary Policy
Book-chapter 2021 EN
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 expectations are crucial for aggregate inflation dynamics, as argued by Phelps (1983).And decisionmakers' sub…
390
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1 authors| # | Author | Institutions | ORCID |
|---|---|---|---|
| 1 | Michael Woodford Corresponding | National Bureau of Economic Re… (US) Princeton University (US) |
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