Is Equilibrium Indexation Efficient?
研究分散经济中均衡指数化的福利性质。如果指数化无成本，所有企业都指数化，则均衡指数化是有效的；但如果指数化有成本且部分企业不指数化，则均衡指数化无效，因为指数化对非指数化企业有外部性。
This paper investigates the welfare properties of equilibrium indexation in a decentralized economy. If indexation is costless, so all firms index, then the equilibrium degree of indexation is efficient. But if indexation is costly and this leads some firms not to index, equilibrium indexation is inefficient because indexation has externalities for nonindexed firms. Firms choose too little indexation if labor demand is more responsive to movements in real money than to movements in real wages. The results do not depend on the relative importance of real and nominal shocks.