Endogenous asymmetric money illusion

dc.contributorEscolas::EMAp
dc.creatorDuarte, Diogo
dc.creatorSaporito, Yuri Fahham
dc.date.accessioned2022-08-26T16:34:15Z
dc.date.accessioned2022-11-03T20:25:27Z
dc.date.available2022-08-26T16:34:15Z
dc.date.available2022-11-03T20:25:27Z
dc.date.created2022-08-26T16:34:15Z
dc.date.issued2019
dc.identifierJournal of Banking & Finance Volume 109, December 2019
dc.identifierhttps://hdl.handle.net/10438/32411
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/5038113
dc.description.abstractWe show that when investors suffer from endogenous asymmetric money illusion, the usual proportionality between money supply and nominal prices commonly present in frictionless economies is eliminated. This drives changes in the money supply to cause real price fluctuations. Nevertheless, the combined effect on the real state price density and the price of money leads the nominal state price density, and consequently nominal bond prices, to be independent of money illusion. This article thus provides a theoretical foundation for Modigliani-Cohn’s conjecture that money illusion impacts stock markets but not bond markets.
dc.languagepor
dc.publisherElsevier
dc.rightsrestrictedAccess
dc.subjectMoney illusion
dc.subjectModigliani-Cohn hypothesis
dc.subjectMoney superneutrality
dc.subjectAsset pricing
dc.titleEndogenous asymmetric money illusion
dc.typeArticle


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