Matches in SemOpenAlex for { <https://semopenalex.org/work/W1509202238> ?p ?o ?g. }
Showing items 1 to 69 of
69
with 100 items per page.
- W1509202238 abstract "Why do we see nominal contracts in the presence of price level risk? To answer this question, this paper studies an overlapping generations model in which the equilibrium contract form is optimal, given the contracts elsewhere in the economy. Nominal contracts turn out to be optimal in the presence of aggregate price level risk under two circumstances. First, if individuals have the same constant degree of relative risk aversion, nominal contracts (eventually coupled with equity contracts) lead to optimal risk sharing. Second, nominal contracts can be optimal, even if this condition is not met, if the repayment of contracts is subject to a binding cash-in-advance constraint. The reason for this is that a contingent contract, while reducing purchasing power risk, also increases the cash flow risk. Under a binding cash-in-advance constraint on the repayment of contracts, this second risk is costly, and it is minimized by a nominal contract. Finally, the paper also identifies some symmetry conditions under which nominal contracts are optimal even in the presence of relative price risk." @default.
- W1509202238 created "2016-06-24" @default.
- W1509202238 creator A5037991056 @default.
- W1509202238 creator A5083259949 @default.
- W1509202238 date "1991-10-01" @default.
- W1509202238 modified "2023-09-27" @default.
- W1509202238 title "The Optimality of Nominal Wage Contracts" @default.
- W1509202238 hasPublicationYear "1991" @default.
- W1509202238 type Work @default.
- W1509202238 sameAs 1509202238 @default.
- W1509202238 citedByCount "0" @default.
- W1509202238 crossrefType "posted-content" @default.
- W1509202238 hasAuthorship W1509202238A5037991056 @default.
- W1509202238 hasAuthorship W1509202238A5083259949 @default.
- W1509202238 hasConcept C10138342 @default.
- W1509202238 hasConcept C106159729 @default.
- W1509202238 hasConcept C129915516 @default.
- W1509202238 hasConcept C145236788 @default.
- W1509202238 hasConcept C162324750 @default.
- W1509202238 hasConcept C163428354 @default.
- W1509202238 hasConcept C175444787 @default.
- W1509202238 hasConcept C185782297 @default.
- W1509202238 hasConcept C205706631 @default.
- W1509202238 hasConcept C2524010 @default.
- W1509202238 hasConcept C2776036281 @default.
- W1509202238 hasConcept C2777388388 @default.
- W1509202238 hasConcept C2780910948 @default.
- W1509202238 hasConcept C33923547 @default.
- W1509202238 hasConceptScore W1509202238C10138342 @default.
- W1509202238 hasConceptScore W1509202238C106159729 @default.
- W1509202238 hasConceptScore W1509202238C129915516 @default.
- W1509202238 hasConceptScore W1509202238C145236788 @default.
- W1509202238 hasConceptScore W1509202238C162324750 @default.
- W1509202238 hasConceptScore W1509202238C163428354 @default.
- W1509202238 hasConceptScore W1509202238C175444787 @default.
- W1509202238 hasConceptScore W1509202238C185782297 @default.
- W1509202238 hasConceptScore W1509202238C205706631 @default.
- W1509202238 hasConceptScore W1509202238C2524010 @default.
- W1509202238 hasConceptScore W1509202238C2776036281 @default.
- W1509202238 hasConceptScore W1509202238C2777388388 @default.
- W1509202238 hasConceptScore W1509202238C2780910948 @default.
- W1509202238 hasConceptScore W1509202238C33923547 @default.
- W1509202238 hasLocation W15092022381 @default.
- W1509202238 hasOpenAccess W1509202238 @default.
- W1509202238 hasPrimaryLocation W15092022381 @default.
- W1509202238 hasRelatedWork W124609833 @default.
- W1509202238 hasRelatedWork W1503288810 @default.
- W1509202238 hasRelatedWork W1532076362 @default.
- W1509202238 hasRelatedWork W1581337464 @default.
- W1509202238 hasRelatedWork W1846209903 @default.
- W1509202238 hasRelatedWork W1967039035 @default.
- W1509202238 hasRelatedWork W1978935230 @default.
- W1509202238 hasRelatedWork W1996702437 @default.
- W1509202238 hasRelatedWork W1997264012 @default.
- W1509202238 hasRelatedWork W2037124388 @default.
- W1509202238 hasRelatedWork W2086733079 @default.
- W1509202238 hasRelatedWork W2107324537 @default.
- W1509202238 hasRelatedWork W288489512 @default.
- W1509202238 hasRelatedWork W2904125588 @default.
- W1509202238 hasRelatedWork W3121226462 @default.
- W1509202238 hasRelatedWork W3125320385 @default.
- W1509202238 hasRelatedWork W3125730373 @default.
- W1509202238 hasRelatedWork W3126130901 @default.
- W1509202238 hasRelatedWork W2340530862 @default.
- W1509202238 hasRelatedWork W3121641254 @default.
- W1509202238 isParatext "false" @default.
- W1509202238 isRetracted "false" @default.
- W1509202238 magId "1509202238" @default.
- W1509202238 workType "article" @default.