One coconut, two coconuts, … In many New Keynesian models, money is a veil. It plays no role other than a unit of account. When nominal price is sticky relative to the unit of account, hell breaks loose.
< 1 min read
One coconut, two coconuts, … In many New Keynesian models, money is a veil. It plays no role other than a unit of account. When nominal price is sticky relative to the unit of account, hell breaks loose.
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