Monetary Misperceptions, Output, and Inflation Dynamics
研究了货币错觉对商业周期的影响，特别是货币政策冲击后通胀的惯性动态，发现初步与修正后的货币数据差异能捕捉货币错觉，且这种错觉对经济活动有显著影响。
We revisit the contribution of misperceived money to business cycles and, in particular, to the inertial dynamics of inflation following a monetary policy shock. We establish three things. First, the difference between preliminary and revised money data captures monetary misperceptions well. Second, misperceived money is quantitatively substantial and also matters significantly for economic activity. And third, imperfect information about monetary aggregates can help the standard NK model exhibit inertial inflation dynamics.