Stochastic Inflation and Wage Indexation
研究劳动合同中选择指数化工资与否的决定因素，发现通胀不确定性增加和工人风险厌恶增强会提高指数化的吸引力，而指数化成本增加和资本市场完善会降低其吸引力。
The choice between an indexed and an unindexed wage in a labor contract is studied in this paper. It is shown that the expected rate of inflation does not affect the attractiveness of indexation; that an increase in the uncertainty of inflation and an increase in the worker's risk aversion lead to an increase in the attractiveness of indexation; and that an increase in the cost of indexation and an increase in the perfection of the capital market lead to a decrease in the attractiveness of indexation. Labor contracts often index the money wage to the price level. Indexation serves as an important means of reducing the variation in the real wage caused by stochastic inflation, and it may therefore moderate the impact that stochastic inflation would otherwise have on a worker's consumption and working hours; cf. Gray (1976), Fischer (1977 a) and Azariadis (1978). Accordingly, indexation may benefit a worker who is averse to risk; cf. Baily (1974), Gordon (1974) and Azariadis (1975). Indexation may also reduce the variation in working hours, thereby benefiting a firm that pro