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Optimal Taxation of Inflation
Mr. Damien CapelleYang Liu
出版International Monetary Fund, 2023-12-08
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / Economics / General
ISBN9798400261169
URLhttp://books.google.com.hk/books?id=ExrpEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋When inflation originates from distributional conflicts, shifts in inflation expectations, or energy price shocks, monetary policy (MP) is a costly stabilization instrument. We show that a tax on inflation policy (TIP), which would require firms to pay a tax proportional to the increase in their prices, would effectively correct externalities in firms’ pricing decisions, tackle excessive inflation and reduce output volatility, without exacerbating price distortions. While proposals from the 1970s saw TIP as a substitute to MP, we find that it is a complement, with TIP addressing markups and inflation expectation shocks, and MP addressing demand shocks.