| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w1738 |
| 来源ID | Working Paper 1738 |
| Nominal Contracting and Price Flexibility in Product Markets | |
| R. Glenn Hubbard; Robert J. Weiner | |
| 发表日期 | 1985-10-01 |
| 出版年 | 1985 |
| 语种 | 英语 |
| 摘要 | The search for microeconomic foundations of non-Walrasian outcomes in labor and product markets has spawned many studies of contracting. This paper emphasizes the role of contracts for market equilibrium -- for many raw materials and basic industrial commodities -- in which long-term contractual arrangements and spot markets coexist. Our principal goals are two -- (i) to explain the existence of contracts and the equilibrium fraction of trades carried out under contract, and (ii) to consider the impact of demand and supply shocks on spot prices when market trades also take place through long-term contracts. We find that the relative importance of contracting depends on, inter alia, the variance of the spot price and the sources of underlying fluctuations. Consistent with the findings of previous macroeconomic studies, we find that contracting and price rigidity are more likely the more important demand shocks are relative to supply shocks. We adapt our static model of contract price and quantity determination to discuss the adjustment of contract prices. Finally, we discuss three important applications of our multiple-price modeling structure -- to (i) analyses of the effects of changes in vertical market structure on market equilibrium in commodity markets (with specific reference to petroleum and copper), (ii) models of the optimal degree of contract indexation,and (iii) aggregate studies of "sticky prices" in macroeconomics. |
| URL | https://www.nber.org/papers/w1738 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/558982 |
| 推荐引用方式 GB/T 7714 | R. Glenn Hubbard,Robert J. Weiner. Nominal Contracting and Price Flexibility in Product Markets. 1985. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w1738.pdf（288KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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