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This paper provides general equilibrium estimates of the steady-state welfare gains of lowering inflation from a low … tax, it is found that inflation unambiguously reduces capital intensity, drives up the before-tax real rate of return to …
Persistent link: https://www.econbiz.de/10012782195
This paper provides general equilibrium estimates of the steady-state welfare gains of lowering inflation from a low … tax, it is found that inflation unambiguously reduces capital intensity, drives up the before-tax real rate of return to …
Persistent link: https://www.econbiz.de/10014399602
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been to raise inflation targets to provide more room for policy rate easing during crises. This paper addresses a different … issue: the relationship between inflation and welfare. The literature is surveyed and a model is developed. A key conclusion … is that an increase in inflation targets gives rise to additional welfare costs, even after the extra room to maneuver …
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