Does Money Illusion Matter?: Reply
回应Petersen和Winn（2014）的批评，利用Fehr和Tyran（2001）及Petersen和Winn（2014）的数据证明货币幻觉在预期负货币冲击后显著影响名义价格调整，导致负冲击后名义惯性强而正冲击后弱，指出对方对数据的解释具有误导性。
The data in Fehr and Tyran (2001) and Petersen and Winn (2014) show that money illusion plays an important role in nominal price adjustment after a fully anticipated negative monetary shock. Money illusion affects subjects' expectations, and causes pronounced nominal inertia after a negative shock but much less inertia after a positive shock. Thus Petersen and Winn (2014) provide a misleading interpretation of both our and their own data.