Stock-returns and inflation in a principal-agent economy
成果类型：
Article
署名作者：
Jovanovic, B; Ueda, M
署名单位：
New York University; Pompeu Fabra University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1998.2434
发表日期：
1998
页码：
223-247
关键词：
摘要：
We study a monetary system in which final goods sell on spot markets, while labor and dividends sell through contracts. Firms and workers confuse absolute and relative price changes: A positive price-level shock makes sellers think they are producing better goods than they really are. They split this apparent windfall with workers who get a higher real wage. Hence, unexpected inflation shifts real income from firms (the principals) to workers (the agents), and thereby lowers stock-returns. A predictable money-supply rule strictly Pareto-dominates random money-supply rules. (C) 1998 Academic Press.