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Inequality, inflation, and central bank independence

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Author Info
Jim Dolmas
Gregory W. Huffman
Mark A. Wynne

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Abstract

What can account for the different contemporaneous inflation experiences of various countries, and of the same country over time? We present an analysis of the determination of inflation from a political economy perspective. We document a positive correlation between income inequality and inflation and then present a theory of the determination of inflation outcomes in democratic societies that illustrates how greater inequality leads to greater inflation, owing to a desire by voters for wealth redistribution. We conclude by showing that democracies with more independent central banks tend to have better inflation outcomes for a given degree of inequality.

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File URL: http://economics.ca/cgi/xms?jab=v33n1/15.pdf
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Publisher Info
Article provided by Canadian Economics Association in its journal Canadian Journal of Economics.

Volume (Year): 33 (2000)
Issue (Month): 1 (February)
Pages: 271-287
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Handle: RePEc:cje:issued:v:33:y:2000:i:1:p:271-287

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
H0 - Public Economics - - General

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  1. Marta Areosa & Waldyr Areosa, 2006. "The Inequality Channel of Monetary Transmission," Working Papers Series 114, Central Bank of Brazil, Research Department. [Downloadable!]
  2. Diana N. Weymark, 2000. "Inflation, Income Redistribution, and Optimal Central Bank Independence," Working Papers 0102, Department of Economics, Vanderbilt University, revised Mar 2002. [Downloadable!]
  3. Diana N. Weymark, 2005. "Inflation, Government Transfers, and Optimal Central Bank Independence," Working Papers 0502, Department of Economics, Vanderbilt University. [Downloadable!]
  4. Stuart J. Fowler, 2005. "Income Inequality, Monetary Policy, and the Business Cycle," Computing in Economics and Finance 2005 184, Society for Computational Economics. [Downloadable!]
    Other versions:
  5. Chris Crowe, 2004. "Inflation, Inequality and Social Conflict," Money Macro and Finance (MMF) Research Group Conference 2004 69, Money Macro and Finance Research Group. [Downloadable!]
    Other versions:
  6. Bhattacharya, Joydeep & Bunzel, Helle & Haslag, J., 2003. "The Non-Monotonic Relationship Between Seigniorage and Inequality," Staff General Research Papers 10252, Iowa State University, Department of Economics. [Downloadable!]
    Other versions:
  7. Radhika Lahiri & Elisabetta Magnani, 2005. "On Skill Heterogeneity, Human Capital, and Inflation," School of Economics and Finance Discussion Papers and Working Papers Series 205, School of Economics and Finance, Queensland University of Technology. [Downloadable!]
    Other versions:
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This page was last updated on 2009-11-25.

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