| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10330 |
| DP10330 Limited Nominal Indexation of Optimal Financial Contracts | |
| Vincenzo Quadrini; Césaire A. Meh | |
| 发表日期 | 2015-01-11 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because nominal prices are observed with delay as in Jovanovic and Ueda 1997. More constrained firms sign contracts that are less indexed to inflation and, as a result, their investment is more sensitive to nominal price shocks. We also find that the overall degree of nominal indexation increases with price uncertainty. An implication of this is that economies with higher inflation uncertainty are less vulnerable to a price shock of a given magnitude. The micro predictions of the model are tested empirically using macro and firm-level data from Canada. |
| 主题 | International Macroeconomics |
| 关键词 | Inflation uncertainty Nominal indexation Optimal contracts |
| URL | https://cepr.org/publications/dp10330 |
| 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/539161 |
| 推荐引用方式 GB/T 7714 | Vincenzo Quadrini,Césaire A. Meh. DP10330 Limited Nominal Indexation of Optimal Financial Contracts. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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