MONEY AND GROWTH REVISITED - MEASURING THE COSTS OF INFLATION IN AN ENDOGENOUS GROWTH-MODEL

• 成果类型: Article
• 署名作者: GOMME, P
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(93)90035-E
• 发表日期: 1993
• 页码: 51-77
• 关键词: inflation; endogenous growth; Business cycle fluctuations

摘要

Conventional wisdom is that if public policy can affect the growth rate of the economy, the welfare implications of alternative policies will be large. In this paper, a stochastic, dynamic general equilibrium model with endogenous growth and money is examined. In this setting, inflation lowers growth through its effect on the return to work. However, the welfare costs of higher inflation are modest. The endogenous labor supply is important in producing this result.