Real Rigidities and the Non-Neutrality of Money
证明，真实价格刚性本身不足以造成名义价格刚性和货币冲击的真实效应，但与小的名义摩擦结合时，能产生显著的名义刚性。
Rigidities in real prices are not sufficient to create rigidities in nominal prices and real effects of nominal shocks. And, by themselves, small frictions in nominal adjustment, such as costs of changing prices, create only small non-neutralities. But this paper shows that substantial nominal rigidity can arise from a combination of real rigidities and small nominal frictions. The paper shows the connection between real and nominal rigidity given the presence of nominal frictions both in general and for two specific sources of real rigidity, one arising from goods market imperfections and the other from labour market imperfections.