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Credit Markets and the Welfare Costs of Inflation

Author: Jose De Gregorio; Federico Sturzenegger
Publisher: Cambridge, Mass. National Bureau of Economic Research 1994.
Series: Working paper series (National Bureau of Economic Research), no. w4873.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
We construct a simple model in which high inflation imposes welfare costs because it affects the ability of the financial sector to screen between high and low cost producers. Consumers search for a low price and inflation reduces the incentives to search, resulting in an increase in the demand of high cost producers. We show that beyond a certain level of inflation there is a switch from a separating equilibrium to  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Jose De Gregorio; Federico Sturzenegger
OCLC Number: 1027364879
Notes: October 1994.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w4873.
Responsibility: Jose De Gregorio, Federico Sturzenegger.

Abstract:

We construct a simple model in which high inflation imposes welfare costs because it affects the ability of the financial sector to screen between high and low cost producers. Consumers search for a low price and inflation reduces the incentives to search, resulting in an increase in the demand of high cost producers. We show that beyond a certain level of inflation there is a switch from a separating equilibrium to a pooling equilibrium, where financial institutions become unable to distinguish among clients. In this pooling equilibrium a larger share of credit is allocated to less efficient firms.

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