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 …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …

low but still positive rates of inflation, provides an adequate approximation in welfare terms to the alternative of …