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Comparing Partial and General Equilibrium Estimates of the Welfare Cost of Inflation

Gillman, Max 1995. Comparing Partial and General Equilibrium Estimates of the Welfare Cost of Inflation. Contemporary Economic Policy 13 (4) , pp. 60-71. 10.1111/j.1465-7287.1995.tb00732.x

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Reserve banks worldwide have been moving towards zero inflation policies. Confusion clouds the welfare cost of maintaining such inflation policies despite the best attempts at clarification. Monetary theory research has shifted from partial to general equilibrium economies. This shift has left the partial equilibrium estimates of the welfare cost of inflation below most of the general equilibrium estimates. Put on a comparable basis, partial equilibrium estimates compare more closely with the general equilibrium estimates. Furthermore, evidence suggests that integration under the money demand function appears applicable in general equilibrium economies. Finally, the estimates depend on the elasticities of money demand and the underlying structural parameters.

Item Type: Article
Date Type: Publication
Status: Published
Schools: Business (Including Economics)
Subjects: H Social Sciences > H Social Sciences (General)
H Social Sciences > HB Economic Theory
H Social Sciences > HJ Public Finance
H Social Sciences > HV Social pathology. Social and public welfare
Publisher: Wiley Blackwell
ISSN: 1074-3529
Last Modified: 19 Mar 2016 23:08

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