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Costs and Consequences of Inflation

In: The Microeconomic Foundations of Macroeconomics

Author

Listed:
  • A. Leijonhufvud

    (University of California)

Abstract

One approach to the microeconomic foundations of macroeconomics problem takes the frame and the components of standard ‘neoclassical’ theory as the given starting point. One asks what can be used and what needs modification for purposes of representing the movement of a macro-system through time and into a future that is in some respects unknowable. The aim is to define and, if possible, solve the analytical problems that emerge at the levels of individual conceptual experiments, market experiments, and general equilibrium experiments. I have pursued this approach in other recent papers1 but am running into diminishing returns.

Suggested Citation

  • A. Leijonhufvud, 1977. "Costs and Consequences of Inflation," International Economic Association Series, in: G. C. Harcourt (ed.), The Microeconomic Foundations of Macroeconomics, chapter 9, pages 265-327, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-03236-5_10
    DOI: 10.1007/978-1-349-03236-5_10
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    Cited by:

    1. De Gregorio, Jose & Sturzenegger, Federico, 1997. "Financial markets and inflation under imperfect information," Journal of Development Economics, Elsevier, vol. 54(1), pages 149-168, October.
    2. Christopher Ragan, 1998. "On the Believable Benefits of Low Inflation," Staff Working Papers 98-15, Bank of Canada.
    3. Carmelo Ferlito, 2022. "Axel Leijonhufvud: A personal recollection from an Austrian perspective," PSL Quarterly Review, Economia civile, vol. 75(302), pages 299-310.
    4. David Laidler, 2007. "Successes and Failures of Monetary Policy Since the 1950s," University of Western Ontario, Economic Policy Research Institute Working Papers 20072, University of Western Ontario, Economic Policy Research Institute.
    5. Mary Bange & William Bernhard & Jim Granato & Lauren Jones, 1997. "The effect of inflation on the natural rate of output: experimental evidence," Applied Economics, Taylor & Francis Journals, vol. 29(9), pages 1191-1199.
    6. Aarstol, Michael P., 2000. "Inflation and debt maturity," The Quarterly Review of Economics and Finance, Elsevier, vol. 40(1), pages 139-153.
    7. Heymann, Daniel, 1986. "Inflation and stabilization policies," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    8. Paweł Baranowski, 2005. "Wpływ inflacji na inwestycje w kapitał rzeczowy w krajach Unii Europejskiej," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 11-12, pages 19-30.

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