| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2095 |
| DP2095 Deep Integration, Non-Discrimination and Euro-Mediterranean Free Trade | |
| Denise Eby Konan | |
| 发表日期 | 1999-03-29 |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | The paper argues that Lucas overestimates the Friedman-Bailey type of welfare cost of inflation and neglects other important welfare effects. With an alternative interpretation of the non-observability of low interest rates than the one Lucas gave and the introduction of taxes that reduce the opportunity cost of money holding, the welfare cost shrinks to one third of Lucas' estimate. The neglected welfare effects of inflation include an adverse Baumol-Tobin effect on growth and international capital movements, historical cost accounting for tax purposes, uncertainty about the price level and the relationship between inflation, relative prices and structural change. |
| 主题 | International Macroeconomics ; Public Economics |
| 关键词 | Cost of inflation inflation |
| URL | https://cepr.org/publications/dp2095 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531213 |
| 推荐引用方式 GB/T 7714 | Denise Eby Konan. DP2095 Deep Integration, Non-Discrimination and Euro-Mediterranean Free Trade. 1999. |
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