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Some costs and benefits of price stability in the UK

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  • Hasan Bakhshi
  • Andrew Haldane
  • Neal Hatch

Abstract

This paper quantifies some of the costs of inflation in the United Kingdom. It focuses in particular on inflation distortions under an imperfectly indexed tax system and distortions to money demand. In the United States, an earlier study by Feldstein found that lowering inflation by 2 percentage points could generate welfare benefits of as much as 1% of GDP per year forever. In the United Kingdom, the benefits are found to be smaller, but still substantial, at 0.2% of GDP per year.

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File URL: http://www.bankofengland.co.uk/archive/Documents/historicpubs/workingpapers/1998/wp78.pdf
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Bibliographic Info

Paper provided by Bank of England in its series Bank of England working papers with number 78.

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Date of creation: Mar 1998
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Handle: RePEc:boe:boeewp:78

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  1. Greenspan, welfare states & inflation
    by chris dillow in Stumbling and Mumbling on 2007-09-18 09:41:46
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Cited by:
  1. Hasan Bakhshi & Jens Larsen, 2001. "Investment-specific technological progress in the United Kingdom," Bank of England working papers, Bank of England 129, Bank of England.
  2. Hasan Bakhshi & Jens Larsen, 2001. "Investment-specific technological progress in the United Kingdom," BIS Papers chapters, in: Bank for International Settlements (ed.), Empirical studies of structural changes and inflation, volume 3, pages 49-80 Bank for International Settlements.

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