Nominal Contracting and Monetary Targets – Drifting into Indexation
从家庭风险分散角度为名义工资合同提供理论依据，通过校准的一般均衡模型发现，当生产率和货币冲击均为暂时性时，最优工资合同几乎全是名义的。模型表明，货币冲击的持续性会降低福利，建议央行重新审视其操作。
We look for a theoretical justification of nominal wage contracts in household diversification of risk. In a calibrated general equilibrium model we find from stochastic simulation that if both productivity and monetary shocks are temporary then optimal wage contracts are overwhelmingly nominal. The model suggests that the persistence in monetary shocks not only raises wage protection but also reduces welfare in a world where productivity shocks are persistent, as both theory and our empirical results for the OCED suggest they are. This suggests that this central bank practice is due for review.