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| Author: | Jovanovic, B. Ueda, M. |
| Title: | Stock-returns and inflation in a principal-agent economy |
| Journal: | Journal of Economic Theory
1998 : SEP, VOL. 82:1, p. 223-247 |
| Index terms: | ECONOMIC THEORY INFLATION STOCK MARKETS PRICES |
| Language: | eng |
| Abstract: | In the paper, a monetary system is studied 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. |
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