The welfare costs of expected and unexpected inflation

被引：8

作者：

Faig, Miquel ^{[1
]}

Li, Zhe ^{[2
]}

机构：

[1] Univ Toronto, Dept Econ, Toronto, ON M5S 3G7, Canada

[2] Shanghai Univ Finance & Econ, Shanghai 200433, Peoples R China

来源：

JOURNAL OF MONETARY ECONOMICS | 2009年 / 56卷 / 07期

关键词：

Monetary search; Imperfect information; Welfare cost monetary cycles; Welfare cost inflation; MONETARY-POLICY; MONEY; EQUILIBRIUM; OUTPUT; MODEL;

D O I：

10.1016/j.jmoneco.2009.09.005

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The monetary search model by Lagos and Wright (2005) is extended with imperfect information about nominal shocks as in Lucas (1972). An analytical solution exists with logarithmic preferences. In general, individuals hold precautionary balances. Calibrated to United States postwar data, the welfare cost of the monetary cycle is calculated to be small (below 0.0003% of GDP) compared to the welfare cost of the inflation tax (around 0.25% of GDP). The main reason for the minute welfare cost of the monetary cycle is its low amplitude in 1947-2007. But, monetary crashes, such as those experienced during the Great Depression, can generate important welfare costs. (C) 2009 Elsevier B.V. All rights reserved.

引用

页码：1004 / 1013

页数：10

共 21 条

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