Contracts and Money.
Why are contracts not fully indexed? In a setting in which fully indexed contracts are feasible, the authors find that, when price-level data are gathered with delay, these contracts are not renegotiation-proof. The contracts that replace them entail a lower level of welfare for the parties to that contract. They also imply that real variables respond to nominal shocks. Copyright 1997 by the University of Chicago.
Year of publication: |
1997
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Authors: | Jovanic, Boyan ; Ueda, Masako |
Published in: |
Journal of Political Economy. - University of Chicago Press. - Vol. 105.1997, 4, p. 700-708
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Publisher: |
University of Chicago Press |
Saved in:
Online Resource
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