摘要
契约的不完全性与执行契约的成本在劳动和资本市场上产生了租金 ,并导致代理人厌恶风险的行为。厌恶风险的行为又引起供给和投资函数的不稳定 ,要维持充分就业就要求价格具有较大的调整空间。而契约的不完全性和工资、价格及利率作为基租的事实 ,使得这些调整不会发生或非常缓慢地发生。信息不对称加上对新契约形式的风险规避产生了契约刚性。契约刚性和不完全契约以及由此产生的租金、厌恶风险的行为提供了宏观经济波动的微观分析基础。
Contractual Incompleteness and costs of performance not only produce rents in labor and capital markets, but also result in agent's risk-aversion. Unemployment is necessary to the maintenance of rents required in enforcement, risk-aversion behavior also cause the instability of supply and investment function, therefore, prices are required to give a considerable adjustment to maintain full employment. Contractual incompleteness and the fact of wage, price and interest rate as basic rents however make the adjustment not occurring or occurring slowly. Asymmetric information and risk-aversion to new contract forms lead to contract rigidity. Contract rigidity, incomplete contract, rent that arises form them and risk-averse behavior provide a micro-analytic base for macro-economic fluctuations.
