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Welfare Cost of (Low) Inflation
Mr.Howell H. Zee
其他書名
A General Equilibrium Perspective
出版International Monetary Fund, 1998-08-01
主題Business & Economics / InflationBusiness & Economics / Money & Monetary PolicyBusiness & Economics / Economics / Macroeconomics
ISBN14518534409781451853445
URLhttp://books.google.com.hk/books?id=IFkYEAAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋This paper provides general equilibrium estimates of the steady-state welfare gains of lowering inflation from a low level to close to price stability, using an overlapping-generations growth model. Money demand is modeled on the basis that real money balances are a factor of production. Assuming a standard Fisher equation modified by the presence of an income tax, it is found that inflation unambiguously reduces capital intensity, drives up the before-tax real rate of return to capital, and unambiguously imposes a life-time welfare cost. This welfare cost is, however, quantitatively very modest (under 0.2 percent of GDP annually) within reasonable ranges of all parameter values.