English, Article, Journal or magazine article edition: Price Contracts, Output, and Monetary Disturbances Alan C. Stockman

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Bookmark: http://trove.nla.gov.au/version/141212
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Price Contracts, Output, and Monetary Disturbances
Author
  • Alan C. Stockman
Physical Description
  • preprint
Notes
  • This paper presents a simp1e example in which incomplete asset markets create incentives for buyers and sellers to sign contracts that specify a price function which differs from the spot market equilibrium price function. The price function can exhibit downward stickiness in nominal prices, In the sense that a fall in the money supply reduces nominal prices less than proportionately and reduces real output. This equilibrium dominates spot market equilibrium in terms of expected utility.
  • RePEc:nbr:nberwo:1960
Language
  • English
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