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Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule
Open accessAbstract
The paper is concerned with the role of monetary policy and argues that activist monetary policy can affect the behavior of real output, rational expectations notwithstanding. A rational expectations model with overlapping labor contracts is constructed, with each labor contract being made for two periods. These contracts inject an element of short-run wage stickiness into the model. Because the money stock is changed by the monetary authority more frequently than labor contracts are renegotiated, and, given the assumed form of the labor contracts, monetary policy has the ability to affect the short-run behavior of output, though it has no effects on long-run output behavior.
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Citations
Cited by
The Optimal Degree of Commitment to an Intermediate Monetary Target
Rogoff, K. (1985) · The Quarterly Journal of Economics · doi:10.2307/1885679 · Cited by 3,688
Rules, discretion and reputation in a model of monetary policy
Barro, R. J., & Gordon, D. B. (1983) · Journal of Monetary Economics · doi:10.1016/0304-3932(83)90051-x · Cited by 3,610
Stock Markets, Growth, and Tax Policy
LEVINE, R. (1991) · The Journal of Finance · doi:10.2307/2328866 · Cited by 1,111
Financial markets in development, and the development of financial markets
Greenwood, J., & Smith, B. D. (1997) · Journal of Economic Dynamics and Control · doi:10.1016/0165-1889(95)00928-0 · Cited by 918
Alesina, A. (1988) · NBER Macroeconomics Annual · doi:10.1086/654070 · Cited by 723
Metadata
- Authors
- Fischer, S.
- Venue
- Journal of Political Economy
- Publisher
- University of Chicago Press
- Published
- 1977-02
- Volume
- 85
- Issue
- 1
- Pages
- 191-205
- ISSN
- 0022-3808 (ISSN-L)
- 1537-534X
- OpenAlex
- W1989102792
- Cited by
- 1,943
- References
- 0
- FWCI
- 120.75
- Type
- journal article
- Language
- en
- Open access
- green
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- CoChat. (2026). Citation check: Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule. https://app.cochat.ai/papers/10.1086/260551
- The paper
- Fischer, S. (1977). Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule. Journal of Political Economy. https://doi.org/10.1086/260551
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
