Basili, Marcello; Mura, Stefano Dalle - Dipartimento di Economia Politica e Statistics, … - 2004
This paper deals with the emergence of price stickiness, that is nominal price elasticity below one, in the wake of nominal shocks. The setting of analysis is a general equilibrium model with both ambiguity and rational expectations. Ambiguity and macroeconomics are linked exploiting a...