The paper presents the welfare cost of inflation in a banking time economy that models exchange credit through a bank … welfare cost of a 10% inflation rate instead of zero, for comparison to other estimates, as well as the cost of a 2% inflation … rate instead of a zero inflation rate. The zero rate is specified as the US inflation rate target in the 1978 Employment …

theory of money into these models and derived its implications for money growth, inflation, and interest rates in the long … fluctuations, and helped to demonstrate that there was not a long-run trade-off between unemployment and inflation (the Phillips …

Inflation: II" -- 6. Interest Rates and Currency Prices in a Two-Country World -- 7. Optimal Fiscal and Monetary Policy in an …, 1867-1960 -- 16. Nobel Lecture: Monetary Neutrality -- 17. Inflation and Welfare -- 18. Interest Rates and Inflation (with …

The paper examines the effect of inflation on growth in transition countries. It presents panel data evidence for 13 … effect on growth of inflation or its standard deviation, and one that appears to decline in magnitude as the inflation rate … equation model is examined by expanding this into a three equation simultaneous system of output growth, inflation and money …