G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10330
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
URLhttps://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.
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