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Inflation, Welfare, and Public Good

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Author Info
 Bloise, Gaetano
Currarini, Sergio
Kikidis, Nicholas

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Abstract

In this article we study the welfare effects of monetary policy in a simple overlapping generation economy in which agents voluntarily contribute to a public good. Inflation has two effects at equilibrium: it increases voluntary contributions and it misallocates private consumption across time. We show that the aggregate effect is welfare-improving for "not too large" inflation rates. Moreover, there exists an optimal inflation rate. Copyright 2002 by Blackwell Publishing Inc.

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Article provided by Association for Public Economic Theory in its journal Journal of Public Economic Theory.

Volume (Year): 4 (2002)
Issue (Month): 3 ()
Pages: 369-86
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Handle: RePEc:bla:jpbect:v:4:y:2002:i:3:p:369-86

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This page was last updated on 2009-11-22.

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