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 & Ueda (1997). More constrained firms sign contracts that are less indexed to the nominal price and, as a result, their...

Economic policy for the information economy: a summary of the Bank's 2001 economic symposium / Craig S. Hakkio -- Opening remarks / Alan Greenspan -- The "new economy": background, historical perspective, questions, and speculations / J. Bradford DeLong and Lawrence H. Summers. Commentary /...