摘要：This paper analyzes the role of expectations in determining the real effects of
money illusion. We argue that money illusion may cause significant but transitory
nominal inertia following changes in monetary policy and that money illusion
may even have permanent effects because it coordinates agents onto inferior
equilibria. We provide experimental evidence for both transitory as well as
permanent effects of money illusion. These effects arise mainly because money
illusion shapes expectations. Forming expectations is necessary for making
optimal decisions in a strategic environment. We show that strategic
complementarity is a key determinant of aggregate-level effects of money illusion.
