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State-dependent pricing, firm entry and exit, and non-neutrality of money

Vol: 
03/2015
Author name: 
Oikawa K
Ueda K
Year: 
2015
Month: 
January
Abstract: 

Money is not neutral if firm entry and exit are incorporated into a menu cost model. The real effect of money increases as a firm entry and exit rate increases, and the key is non-uniform firm distribution.

Publication file: 
PDF document 3_2015_oikawa_ueda.pdf

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