Does Money Illusion Matter?
通过实验表明，个体层面的微小货币幻觉在负向名义冲击后可能引发显著的总体名义惯性，且负向与正向冲击的影响不对称。
This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, our results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock.