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Author : Nils Gottfries
Publisher :
ISBN 13 :
Total Pages : 46 pages
Book Rating : 4.3/5 ( download)
Download or read book A Model of Nominal Contracts written by Nils Gottfries and published by . This book was released on 1989 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Scott Freeman
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.X/5 (1 download)
Download or read book The Optimality of Nominal Contracts written by Scott Freeman and published by . This book was released on 1991 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why do we see nominal contracts in the presence of price level risk? To answer this question, this paper studies an overlapping generations model in which the equilibrium contract form is optimal, given the contracts elsewhere in the economy. Nominal contracts turn out to be optimal in the presence of aggregate price level risk under two circumstances. First, if individuals have the same constant degree of relative risk aversion. The reason is that in this case nominal contracts (eventually coupled with equity contracts) lead to optimal risk sharing. Second, nominal contracts can be optimal, even if the first condition is not met, if the repayment of contracts is subject to a binding cash in advance constraint. The reason is that a contingent contract, while reducing purchasing power risk, also increases the cash flow risk. Under a binding cash in advance constraint on the repayment of contracts, this second risk is costly, and it is minimized by a nominal contract. Finally, the paper also identifies some symmetry conditions under which nominal contracts are optimal even in the presence of relative price risk.
Author : Scott Freeman
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Optimality of Nominal Contracts written by Scott Freeman and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a model in which agents choose to use money as a medium of exchange, a means of payment, and a unit of account. The paper defines conditions under which nominal contracts, promising future payment of a fixed number of units of fiat money, prove to be the optimal contract form in the presence of either relative or aggregate price risk. When relative prices are random, nominal contracts are optimal if individuals have ex ante similar preferences over future consumption. When the aggregate price level is random, whether from shocks to the money supply or aggregate output, nominal contracts (perhaps coupled with equity contracts) lead to optimal risk-sharing if individuals have the same degree of relative risk aversion. Finally, nominal contracts may be optimal if the repayment of contracts is subject to a binding cash-in-advance constraint. In this case, a contingent contract increases the risk of holding excessive cash balances.
Author : Cho, Jang-Ok
Publisher : Kingston, Ont. : Institute for Economic Research, Queen's University
ISBN 13 :
Total Pages : 49 pages
Book Rating : 4.:/5 (236 download)
Download or read book Money, Nominal Contracts, and the Business Cycle : I. One-period Contract Case written by Cho, Jang-Ok and published by Kingston, Ont. : Institute for Economic Research, Queen's University. This book was released on 1990 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Daron Acemoglu
Publisher :
ISBN 13 :
Total Pages : 32 pages
Book Rating : 4.E/5 ( download)
Download or read book Hedging and Nominal Contracts written by Daron Acemoglu and published by . This book was released on 1992 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Queen's University. Institute for Economic Research
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Discussion Paper No. 790. Money, Nominal Contracts, and the Business Cycle : I. One-period Contract Case written by Queen's University. Institute for Economic Research and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nils Gottfries
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.E/5 ( download)
Download or read book Nominal Wage Contracts and the Persistent Effects of Monetary Policy written by Nils Gottfries and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Fabrice Collard
Publisher :
ISBN 13 :
Total Pages : 18 pages
Book Rating : 4.:/5 (535 download)
Download or read book Stochastic Nominal Wage Contracts in a Cash-in-advance Model written by Fabrice Collard and published by . This book was released on 1997 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Antoine Martin
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book When Should Labor Contracts Be Nominal? written by Antoine Martin and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We propose a theory to explain the choice between nominal and indexed labor contracts. We find that contracts should be indexed if prices are difficult to forecast and nominal otherwise. Our analysis is based on a principal-agent model developed by Jovanovic and Ueda (1997) in which renegotiation can take place once the nominal value of the agent's output is observed. Their model assumes that agents use pure strategy, with the strong result that only nominal contracts can be written without being renegotiated. But, in reality, we do observe indexed contracts. We resolve this weakness of their model by allowing agents to choose mixed strategies, and find that the optimal contract is indeed nominal for certain parameters. For other parameters, however, we show that the optimal contract is indexed. Our findings are consistent with two empirical regularities: that prices are more volatile with higher inflation, and that countries with high inflation tend to have indexed contracts.
Author : Jang-Ok Cho
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (278 download)
Download or read book A Business Cycle Model with Nominal Wage Contracts and Government written by Jang-Ok Cho and published by . This book was released on 1993 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : R. Glenn Hubbard
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.3/5 (9 download)
Download or read book Nominal Contracting and Price Flexibility in Product Markets written by R. Glenn Hubbard and published by . This book was released on 1985 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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
Author : Jang-Ok Cho
Publisher :
ISBN 13 :
Total Pages : 28 pages
Book Rating : 4.:/5 (753 download)
Download or read book The Business Cycle with Nominal Contracts written by Jang-Ok Cho and published by . This book was released on 1990 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Benjamin Eden
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (249 download)
Download or read book The Role of Nominal Contracts in the Allocation of Risk and Linkage to the Quantity of Money written by Benjamin Eden and published by . This book was released on 1976 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick Minford
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (245 download)
Download or read book Nominal Contracts as Behaviour Towards Risk written by Patrick Minford and published by . This book was released on 1997 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Patrick Minford
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (633 download)
Download or read book Nominal Contracts and Monetary Tragets written by Patrick Minford and published by . This book was released on 1999 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Europäisches Arbeitsvertragsrecht. 3 Bde ... written by and published by . This book was released on 1928 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Henning Bohn
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (259 download)
Download or read book Welfare Improving Nominal Contracts written by Henning Bohn and published by . This book was released on 1989 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
