English, Article, Journal or magazine article edition: The welfare cost of inflation in general equilibrium Michael Dotsey; Peter Ireland

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Bookmark: http://trove.nla.gov.au/version/74663
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • The welfare cost of inflation in general equilibrium
Author
  • Michael Dotsey
  • Peter Ireland
Physical Description
  • preprint
Notes
  • This paper presents a general equilibrium monetary model in which inflation distorts a variety of marginal decisions. Although individually none of the distortions is very large, they combine to yield substantial welfare cost estimates. A sustained 4% inflation like that experienced in the U.S. since 1983 costs the economy the equivalent of 0.41% of output per year when currency is identified as the relevant definition of money and over 1% of output per year when M1 is defined as money. The results illustrate how the traditional, partial equilibrium approach can seriously underestimate the true cost of inflation.
  • Inflation (Finance)
  • RePEc:fip:fedrwp:94-04
Language
  • English
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