- Working Paper (1) (remove)
- Strategic complementarity, nominal rigidity and the non-neutrality of money : [Version September 1998] (1999)
- This paper examines whether an exogenous anticipated monetary shock causes real economic effects, i.e. whether anticipated money is neutral. A major finding is that an anticipated monetary shock can in fact be massively non-neutral in the shortrun, if the economic environment is characterized by strategic complementarity. If the environment is characterized by strategic substitutability, anticipated monetary shocks are largely neutral.