Predetermined Wages and Prices and the Impact of Expansionary Government Policy
研究存在商品和劳动契约的经济中的货币均衡，发现若政府政策变动不太大，则存在工资和价格预定的均衡，此时货币供给变化对政府购买融资有持续的实际影响，并理论支持契约指数化程度与政策效应持续性呈反向关系。
This paper characterizes the monetary equilibria of an economy with commodity and labour contracts. If government policy is not "too variable, " there may exist an equilibrium with predetermined wages and prices. In this equilibrium, observed changes in the money supply to finance government purchases have persistent real effects. The paper also provides theoretical support for an inverse relationship between the degree of indexation in contracts and the persistence of policy effects.