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Inflation, welfare, and public goods

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  • BLOISE, Gaetano
  • CURRARINI, Sergio
  • KIKIDIS, Nicholas

Abstract

In this article we study the welfare effects of monetary policy in a simple overlapping generation economy in which agents voluntarily contribute to a public good. Inflation has two effects at equilibrium: it increases voluntary contributions and it misallocates private consumption across time. We show that the aggregate effect is welfare‐improving for “not too large” inflation rates. Moreover, there exists an optimal inflation rate.
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Suggested Citation

  • BLOISE, Gaetano & CURRARINI, Sergio & KIKIDIS, Nicholas, 2002. "Inflation, welfare, and public goods," LIDAM Reprints CORE 1579, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    • Handle: RePEc:cor:louvrp:1579
    DOI: 10.1111/1467-9779.00103
    Note: In : Journal of Public Economic Theory, 4(3), 369-386, 2002.
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    Cited by:

    1. Eisei Ohtaki, 2023. "Climate change, financial intermediation, and monetary policy," Working Papers e179, Tokyo Center for Economic Research.
    2. Eisei Ohtaki, 2023. "Climate change and monetary policy," Working Papers e176, Tokyo Center for Economic Research.
    3. Eisei Ohtaki, 2023. "Does climate change lead financial instability?: A benchmark result," Working Papers e175, Tokyo Center for Economic Research.

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