Inflation level and inflation volatility: A seigniorage argument

被引：3
|
作者：
Dmitriev, Mikhail [1 ]
Kersting, Erasmus K. [2 ]
机构：
[1] Florida State Univ, Dept Econ, 288 Bellamy Bldg, Tallahassee, FL 32306 USA
[2] Villanova Univ, Dept Econ, Bartley Hall, Villanova, PA 19085 USA
来源：
ECONOMICS LETTERS | 2016年 / 147卷
关键词：
Inflation; Inflation uncertainty; Seigniorage; FISCAL DEFICITS; UNCERTAINTY; INDEPENDENCE; COUNTRIES; G7;
D O I：
10.1016/j.econlet.2016.08.034
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We use a standard dynamic general equilibrium model with flexible prices, money in the utility function, exogenous fiscal policy and accommodating monetary policy to analytically demonstrate the positive relationship between the steady state level of inflation and business cycle inflation volatility. This result holds in the presence of unique as well as multiple equilibria. (C) 2016 Elsevier B.V. All rights reserved.
引用
收藏
页码：112 / 115
页数：4
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