Contracts and Money
研究为何在完全指数化合同可行的情况下，由于价格数据延迟获取，此类合同无法通过重新谈判，导致福利降低，并使实际变量对名义冲击产生反应。
Why are contracts not fully indexed? In a setting in which fully indexed contracts are feasible, the authors find that, when price-level data are gathered with delay, these contracts are not renegotiation-proof. The contracts that replace them entail a lower level of welfare for the parties to that contract. They also imply that real variables respond to nominal shocks. Copyright 1997 by the University of Chicago.