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Conventional macroecon says that all effects on aggregate demand are due to sticky wages and prices, which 'stickiness' has also been experimentally verified.
by Eliezer 13y ago
Conventional macroecon says that all effects on aggregate demand are due to sticky wages and prices, which 'stickiness' has also been experimentally verified. That's why the blog of Scott Sumner, from the article, is called "The Money Illusion".