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Monetary non-neutrality with anticipatory price setting and rational expectations |
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| Authors: | Seppo Honkapohja |
| Institution: | Yrjö Jahnsson Foundation, SF-00130 Helsinki 13, Finland |
| Abstract: | It is proved that the neutrality proposition for anticipated monetary policy fails, when markets do not continuously clear and prices partly adjust in accordance with rationally anticipated disequilibrium. The model exhibits non-uniqueness, but all solutions are non-neutral. |
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