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【正文】 ll nominal values, including the price level, P. Macroeconomics Chapter 15 10 The PriceMisperceptions Model ? Each worker may think instead that the rise in w constitutes an increase in his or her real wage rate, w/P. The perceived real wage rate is the ratio of w to the expected price level, Pe. This ratio, w/Pe, rises if the expected price level, Pe, increases proportionately by less than w. ? If w/Pe increases, the worker increases the quantity of labor supplied, Ls . Macroeconomics Chapter 15 11 The PriceMisperceptions Model ? A Model with NonNeutral Effects of Money ? w/Pe= ( w/P)( P/Pe) ? for a given actual real wage rate, w/P, an increase in P/Pe raises the perceived real wage rate, w/Pe. ? if workers are underestimating the price level— so that Pe P— they must be overestimating their real wage rate. ? w/Pe w/P. Macroeconomics Chapter 15 12 The PriceMisperceptions Model Macroeconomics Chapter 15 13 The PriceMisperceptions Model ? A Model with NonNeutral Effects of Money ? Because of price misperceptions, the increase in P raises the quantity of labor supplied at a given w/P. ? an increase in the nominal quantity of money, M, that creates an unperceived rise in the price level affects the real economy and is, therefore, nonneutral. ? Specifically, an increase in M raises the quantity of labor input, L. Macroeconomics Chapter 15 14 The PriceMisperceptions Model ? A Model with NonNeutral Effects of Money ? The rise in labor input, L, will lead to an expansion of production. That is, real GDP, Y, increases in accordance with the production function: Y= A they have not been simply a reflection of changes in economic activity. Macroeconomics Chapter 15 21 The PriceMisperceptions Model ? Empirical Evidence on the Real Effects of Moary Shocks ? Unanticipated money growth ? Anticipated money growth ? an increase in unanticipated money growth raised real GDP over periods of a year or more. ? Causality problem Macroeconomics Chapter 15 22 The Pr
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