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Contracts and money

Author: Boyan Jovanovic; Masako Ueda; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1996.
Series: Working paper series (National Bureau of Economic Research), working paper no. 5637.
Edition/Format:   eBook : Document : National government publication : EnglishView all editions and formats
Summary:
Abstract: We analyze the contractual relation between workers and their employers when there is nominal risk. The key feature of the problem is that the consumption deflator is random and observed sometime after the effort is exerted. The worker's effort is not observable, and to induce the agent to work, second-best contracts do not insure the worker fully. They do eliminate all nominal risk for the parties (by  Read more...
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Details

Material Type: Document, Government publication, National government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Boyan Jovanovic; Masako Ueda; National Bureau of Economic Research.
OCLC Number: 70066247
Notes: "June 1996."
Description: 1 online resource (26 pages).
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 5637.
Responsibility: Boyan Jovanovic, Masako Ueda.

Abstract:

Abstract: We analyze the contractual relation between workers and their employers when there is nominal risk. The key feature of the problem is that the consumption deflator is random and observed sometime after the effort is exerted. The worker's effort is not observable, and to induce the agent to work, second-best contracts do not insure the worker fully. They do eliminate all nominal risk for the parties (by fully indexing the terms of the contracts to the price level) but they would be re-negotiated. Foreseeing this, the parties to the contract will write one that is renegotiation-proof. Under such a contract, nominal shocks affect real consumption. Since the argument should apply in many situations, it will have macroeconomic implications, one of which is short-run non-neutrality of money. We have found that surprise money is likely to redistribute consumption and welfare towards workers, and away from shareholders.

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