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Tekijä: | Jovanovic, B. Ueda, M. |
Otsikko: | Stock-returns and inflation in a principal-agent economy |
Lehti: | Journal of Economic Theory
1998 : SEP, VOL. 82:1, p. 223-247 |
Asiasana: | ECONOMIC THEORY INFLATION STOCK MARKETS PRICES |
Kieli: | eng |
Tiivistelmä: | 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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