Contracts and Firms' Inflation Expectations
成果类型：
Article
署名作者：
Kumar, Saten; Wesselbaum, Dennis
署名单位：
Auckland University of Technology; University of Otago
刊物名称：
REVIEW OF ECONOMICS AND STATISTICS
ISSN/ISSBN：
0034-6535
DOI：
10.1162/rest_a_01115
发表日期：
2024-01
页码：
246-255
关键词：
摘要：
We use novel survey data to study firms' inventory contracts. We document facts about the usage of purchase and sale contracts. We find that firms purchase and sell inventory through three contractual arrangements: fixed price and quantity, fixed price only, and fixed quantity only. Those using fixed price and quantity hold the largest share of contracts. The average duration of purchase contracts is not very different from the average duration of sale contracts. We then find that the upward bias in inflation expectations is a feature of firms that do not purchase or sell largely through contracts. Our findings are useful in the calibration of sticky price models.
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