This paper attempts to investigate the empirical validity of the argument that one of the most important welfare effects of inflation is its impact on market power, which many recent New-Keynesian theoretical models of imperfect competition seem to support. Estimates on U.K. manufacturing data for the period 1956-91, presented here, are consistent with this conclusion. Copyright 1993 by Blackwell Publishing Ltd
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Volume (Year): 55 (1993) Issue (Month): 4 (November) Pages: 391-407 Download reference. The following formats are available: HTML
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Jovanovic, B. & Ueda, M., 1996.
"Contracts and Money,"
Working Papers
96-23, C.V. Starr Center for Applied Economics, New York University.
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Boyan Jovanovic & Masako Ueda, 1996.
"Contracts and Money,"
NBER Working Papers
5637, National Bureau of Economic Research, Inc.
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