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Price Contracts, Output, and Monetary Disturbances

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Alan C. Stockman

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Abstract

This paper presents a simp1e example in which incomplete asset markets create incentives for buyers and sellers to sign contracts that specify a price function which differs from the spot market equilibrium price function. The price function can exhibit downward stickiness in nominal prices, In the sense that a fall in the money supply reduces nominal prices less than proportionately and reduces real output. This equilibrium dominates spot market equilibrium in terms of expected utility.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1960.

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Date of creation: Jun 1986
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Handle: RePEc:nbr:nberwo:1960

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Joseph E. Stiglitz, 1986. "Theories of Wage Rigidity," NBER Working Papers 1442, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Rotemberg, Julio J, 1984. "A Monetary Equilibrium Model with Transactions Costs," Journal of Political Economy, University of Chicago Press, vol. 92(1), pages 40-58, February. [Downloadable!] (restricted)
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