Nominal contracts and the payment system
نویسندگان
چکیده
منابع مشابه
Limited Nominal Indexation of Optimal Financial Contracts
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 inflation, and as a result, their investment is more sensitive to nominal price shocks. We also find that the overall degree of nominal indexation inc...
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ژورنال
عنوان ژورنال: The Japanese Economic Review
سال: 2020
ISSN: 1352-4739,1468-5876
DOI: 10.1007/s42973-020-00054-8