کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10478272 | 930930 | 2005 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Inside money and the effects of inflation
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
This paper studies inflation in a model of inside money, where inside money is a debt instrument that shares the same liquidity properties as outside money. The explicit modeling of inside money allows for the standard Tobin effect of inflation to be combined with the transaction costs of inflation. Thus the net effect of inflation may be positive, negative, or zero. However, it is demonstrated that if the net effect is positive, it is likely to be small in magnitude and appear only at small inflation. Furthermore, numerical simulations reveal that the net effect may be substantially negative for even moderate inflation. These results are consistent with empirical observations.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Macroeconomics - Volume 27, Issue 3, September 2005, Pages 494-516
Journal: Journal of Macroeconomics - Volume 27, Issue 3, September 2005, Pages 494-516
نویسندگان
Dennis Powers,