| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6660 |
| 来源ID | Working Paper 6660 |
| Some Costs and Benefits of Price Stability in the United Kingdom | |
| Hasan Bakhshi; Andrew G. Haldane; Neal Hatch | |
| 发表日期 | 1998-07-01 |
| 出版年 | 1998 |
| 语种 | 英语 |
| 摘要 | In a previous attempt to articulate the costs of inflation (Leigh-Pemberton (1992)), the Bank of England outlined the following costs of a fully-anticipated inflation: - the cost of economising on real money balances -- so-called shoe-leather' effects; - the costs of operating a less-than-perfectly indexed tax system; - the costs of front-end loading' of nominal debt contracts; - the cost of constantly revising price lists -- so called menu costs' Feldstein (1996) quantified the first two of these costs when moving from 2% inflation to price stability in the U.S. Feldstein concluded that the permanent welfare gains through these two channels -- suitably discounted -- alone exceeded the transient costs of doing so. This paper aims to replicate Feldstein's analysis for the U.K. Welfare effects are quantified using deadweight loss analysis familiar from public finance economics. Because inflation exacerbates tax distortions that exist even without inflation, the welfare costs are trapezoids rather than the usual triangles, or, alternatively, first-order rather than second-order losses. We find that the welfare gains from moving to price stability through the two channels identified above are lower in |
| URL | https://www.nber.org/papers/w6660 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564171 |
| 推荐引用方式 GB/T 7714 | Hasan Bakhshi,Andrew G. Haldane,Neal Hatch. Some Costs and Benefits of Price Stability in the United Kingdom. 1998. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6660.pdf（2916KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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