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On the Almost Neutrality of Inflation: Notes on Taxation and the Welfare Costs of Inflation

In this paper I attempt to clarify the nature of the losses associated with inflation within a conventional model of a competitive economy. I shall argue that were inflation fully anticipated, it would be "almost neutral" provided (a) that the tax system were fully indexed and (b) that interest were paid on bank deposits (as to an increasing extent it is in the United States). However, unanticipated inflation may have significant effects.
Year of publication:
1980-07
Authors: Stiglitz, Joseph E.
Institutions: National Bureau of Economic Research (NBER)
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Type of publication: Book / Working Paper
Notes:
PE published as Stiglitz, Joseph E. "On the Almost Neutrality of Inflation: Notes on Taxation and the Welfare Costs of Inflation." Development in an Inflationary World, edited by M. June Flanders and Assaf Razin, pp. 419-457. New York: Academic Press, Inc., 1981. Number 0499
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Persistent link: https://www.econbiz.de/10005828833
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