Money Illusion Under Test
Much progress has been made in recent years in developing and applying a direct measure of utility using survey questions on satisfaction with income and with life in general. In this paper we apply this new type of measurement to the study of money illusion. Using data from the German Socio-Economic Panel for the years 1993 to 2003, we cannot reject the hypothesis of no money illusion.
|Date of creation:||Nov 2005|
|Date of revision:|
|Publication status:||Published in Economics Letters 94, 2007, pages 332ï¿½337|
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