Limited Nominal Indexation of Optimal Financial Contracts
研究了当金融合同不完全可执行且企业先观察自身名义销售额再观察总价格时，最优合同不会完全指数化通胀，从而影响投资和经济活动，并用加拿大企业数据验证了相关预测。
Abstract When financial contracts are not fully enforceable and firms observe their own nominal sales before the observation of the aggregate nominal price, the optimal financial contract is not fully indexed to inflation. Because of the limited nominal indexation, which is endogenous in the model, unanticipated inflation affects aggregate investment and future economic activity. The macroeconomic volatility induced by price uncertainty, however, is not monotone: It first increases and then decreases with nominal price uncertainty. We also show that the degree of nominal indexation declines with real idiosyncratic volatility and the impact of an inflation shock decreases with nominal indexation. Using firm-level data from Canada, we find that both predictions are supported by the data.