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Nominal Contracts as Behaviour Towards Risk

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Author Info
Minford, Patrick
Nowell, Eric

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Abstract

We look for a theoretical justification of nominal wage contracts in household diversification of risk. We assume it is more costly for households than for firms to use financial markets for this purpose. In a calibrated general equilibrium model we find from stochastic simulation that where nominal shocks have comparable variability to real shocks optimal wage contracts are overwhelmingly nominal, in accordance with general OECD experience.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1666.

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Date of creation: Aug 1997
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Handle: RePEc:cpr:ceprdp:1666

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Related research
Keywords: General Equilibrium; Indexing Diversification; Nominal Contracts; Stochastic Simulation;

Find related papers by JEL classification:
O20 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - General
O23 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Fiscal and Monetary Policy in Development

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