Wage Contracting in the Macroeconomy
利用广义矩估计法推导正交条件，检验长期合约对宏观工资的影响。基于费雪模型估计发现，多期非指数化合约对名义工资的影响在正交性检验中显著，但过度识别检验显示效果较弱，支持新凯恩斯模型和工资刚性。
This paper investigates wage contracting in the macroeconomy. The authors derive an orthogonality condition to test for effects of long-term contracting based upon the generalized-method-of-moments estimator. To examine the viability of wage contracting within the macroeconomic structure, the authors specify and estimate a Fischer-type model. Tests for multiperiod, nonindexed contracts in determining the aggregate nominal wage rate generate mixed results. While the test for overidentifying restricti ons suggests a weak effect, findings from an orthogonality test indicate significance. The study provides support for a New Keynesian macroeconomic model and some evidence for wage inflexibility due to contracting. Copyright 1993 by Ohio State University Press.