Contracts and Firms' Inflation Expectations
利用新型调查数据研究企业库存合同，发现固定价格和数量合同占比最大，且通胀预期高估主要出现在不主要通过合同购销的企业中，对粘性价格模型校准有参考价值。
Abstract We use novel survey data to study firms’ inventory contracts. We document facts about the usage of purchase and sale contracts. We find that firms purchase and sell inventory through three contractual arrangements: fixed price and quantity, fixed price only, and fixed quantity only. Those using fixed price and quantity hold the largest share of contracts. The average duration of purchase contracts is not very different from the average duration of sale contracts. We then find that the upward bias in inflation expectations is a feature of firms that do not purchase or sell largely through contracts. Our findings are useful in the calibration of sticky price models.