| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3598 |
| DP3598 Contracts, Externalities and Incentives in Shopping Malls | |
| Canice Prendergast; Eric Gould; B. Peter Pashigian | |
| 发表日期 | 2002-10-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | Nominal price and wage rigidity renders monetary policy effective over output. However, this effectiveness extends, under widely used overlapping-wage and Calvo-contract Phillips Curves, to planned monetary policy (?exploitability?) and not merely to policy surprises. We argue that within both frameworks, when agents write optimal nominal contracts, they will not be exploitable by planned monetary policy. We therefore suggest non-exploitability as a specification test for Phillips Curves. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Phillips curve Calvo contract Overlapping wages |
| URL | https://cepr.org/publications/dp3598 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/532605 |
| 推荐引用方式 GB/T 7714 | Canice Prendergast,Eric Gould,B. Peter Pashigian. DP3598 Contracts, Externalities and Incentives in Shopping Malls. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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