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More on the Inflation Tax and the Value of Equity

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Author Info
Keith T. MacKinnon
Abstract

A cash-in-advance macro model is presented in which dividends are distributed at the end of each p eriod, but where all other money receipts may be spent immediately on output and labor markets. If money grows at a constant rate, only th e real price of equity will be inversely related to inflation in the steady state. If the money supply is allowed to grow at an increasing rate, however, agent welfare will decline.

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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 20 (1987)
Issue (Month): 4 (November)
Pages: 823-31
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Handle: RePEc:cje:issued:v:20:y:1987:i:4:p:823-31

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  1. Ralph Chami & Thomas F. Cosimano & Connel Fullenkamp, 2001. "Capital Trading, Stock Trading, and the Inflation Tax on Equity," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 4(3), pages 575-606, July. [Downloadable!] (restricted)
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This page was last updated on 2009-10-28.

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