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How Costly Is Sustained Low Inflation for the U.S. Economy?

Author: James B Bullard; Steven Russell; Inter-university Consortium for Political and Social Research.
Publisher: Ann Arbor, Mich. : Inter-university Consortium for Political and Social Research [distributor], 2004.
Series: ICPSR (Series), 1302.
Edition/Format:   Computer file : EnglishView all editions and formats
Database:WorldCat
Summary:
The authors study the welfare cost of inflation in a general equilibrium life-cycle model that includes households that live for many periods, production and capital, simple monetary and financial sectors, and a fairly elaborate government sector. The government's taxation of capital income is not indexed for inflation. They find that a plausibly calibrated version of this model has a steady state that matches a  Read more...
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Details

Material Type: Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: James B Bullard; Steven Russell; Inter-university Consortium for Political and Social Research.
OCLC Number: 61146217
Notes: Title from ICPSR DDI metadata of 2004-10-30.
Details: Mode of access: Intranet.
Series Title: ICPSR (Series), 1302.
Responsibility: James B. Bullard, Steven Russell

Abstract:

The authors study the welfare cost of inflation in a general equilibrium life-cycle model that includes households that live for many periods, production and capital, simple monetary and financial sectors, and a fairly elaborate government sector. The government's taxation of capital income is not indexed for inflation. They find that a plausibly calibrated version of this model has a steady state that matches a variety of facts about the postwar U.S. economy. They use the model to estimate the welfare cost of permanent, policy-induced changes in the inflation rate and find that most of the costs of inflation are direct and indirect consequences of the fact that inflation increases the effective tax rate on capital income. The cost estimates are an order of magnitude larger that other estimates in the literature.

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