| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22505 |
| 来源ID | Working Paper 22505 |
| The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation | |
| Emi Nakamura; Jón Steinsson; Patrick Sun; Daniel Villar | |
| 发表日期 | 2016-08-15 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | A key policy question is: How high an inflation rate should central banks target? This depends crucially on the costs of inflation. An important concern is that high inflation will lead to inefficient price dispersion. Workhorse New Keynesian models imply that this cost of inflation is very large. An increase in steady state inflation from 0% to 10% yields a welfare loss that is an order of magnitude greater than the welfare loss from business cycle fluctuations in output in these models. We assess this prediction empirically using a new dataset on price behavior during the Great Inflation of the late 1970's and early 1980's in the United States. If price dispersion increases rapidly with inflation, we should see the absolute size of price changes increasing with inflation: price changes should become larger as prices drift further from their optimal level at higher inflation rates. We find no evidence that the absolute size of price changes rose during the Great Inflation. This suggests that the standard New Keynesian analysis of the welfare costs of inflation is wrong and its implications for the optimal inflation rate need to be reassessed. We also find that (non-sale) prices have not become more flexible over the past 40 years. |
| 主题 | Macroeconomics ; Business Cycles ; Monetary Policy |
| URL | https://www.nber.org/papers/w22505 |
| 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/580178 |
| 推荐引用方式 GB/T 7714 | Emi Nakamura,Jón Steinsson,Patrick Sun,et al. The Elusive Costs of Inflation: Price Dispersion during the U.S. Great Inflation. 2016. |
| 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 | ||
| w22505.pdf（695KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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