Stock-Returns and Inflation in a Principal-Agent Economy
研究一个货币体系，其中最终商品在现货市场交易，而劳动力和股息通过合同交易。企业混淆绝对与相对价格变化，导致未预期通胀将实际收入从企业（委托人）转移给工人（代理人），从而降低股票收益。
We study a monetary system in which final goods sell on spot markets, while labor and dividends sell through contracts. Firms and workers confuse absolute and relative price changes: A positive price-level shock makes sellers think they are producing better goods than they really are. They split this apparent windfall with workers who get a higher real wage. Hence, unexpected inflation shifts real income from firms (the principals) to workers (the agents), and thereby lowers stock-returns. A predictable money-supply rulestrictlyPareto-dominates random money-supply rules.Journal of Economic LiteratureClassification Numbers: E43, E51.