Monopolistic competition, increasing returns to scale, and the welfare costs of inflation
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Lucas, Robert E., 1981. "Discussion of : Stanley Fischer, "towards an understanding of the costs of inflation: II"," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 43-52, January.
- Fischer, Stanley, 1981. "Towards an understanding of the costs of inflation: II," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 5-41, January.
- Domowitz, Ian & Hubbard, R Glenn & Petersen, Bruce C, 1988.
"Market Structure and Cyclical Fluctuations in U.S. Manufacturing,"
The Review of Economics and Statistics, MIT Press, vol. 70(1), pages 55-66, February.
- Ian Domowitz & R. Glenn Hubbard & Bruce C. Petersen, 1986. "Market Structure and Cyclical Fluctuations in U.S. Manufacturing," NBER Working Papers 2115, National Bureau of Economic Research, Inc.
- Cooley, Thomas F & Hansen, Gary D, 1989.
"The Inflation Tax in a Real Business Cycle Model,"
American Economic Review, American Economic Association, vol. 79(4), pages 733-748, September.
- Thomas F. Cooley & Gary D. Hansen, 1987. "The Inflation Tax in a Real Business Cycle Model," UCLA Economics Working Papers 496, UCLA Department of Economics.
- Cooley, T.F. & Hansen, G.D., 1988. "The Inflation Tax In A Real Business Cycle Model," Papers 88-05, Rochester, Business - General.
- Cooley, T.F. & Hansen, G.D., 1988. "The Inflation Tax In A Real Business Cycle Model," RCER Working Papers 155, University of Rochester - Center for Economic Research (RCER).
- Hansen, Gary D., 1985.
"Indivisible labor and the business cycle,"
Journal of Monetary Economics, Elsevier, vol. 16(3), pages 309-327, November.
- Gary Hansen, 2010. "Indivisible Labor and the Business Cycle," Levine's Working Paper Archive 233, David K. Levine.
- Benhabib Jess & Farmer Roger E. A., 1994.
"Indeterminacy and Increasing Returns,"
Journal of Economic Theory, Elsevier, vol. 63(1), pages 19-41, June.
- Benhabib, Jess & Farmer, Roger E.A., 1991. "Indeterminacy and Increasing Returns," Working Papers 91-59, C.V. Starr Center for Applied Economics, New York University.
- Jess Benhabib & Roger E.A. Farmer, 1992. "Indeterminacy and Increasing Returns," UCLA Economics Working Papers 646, UCLA Department of Economics.
- Benhabib, J. & Farmer, R.E.A, 1991. "Indeterminacy and Increasing Returns," Papers 165, Cambridge - Risk, Information & Quantity Signals.
- Gillman, Max, 1993. "The welfare cost of inflation in a cash-in-advance economy with costly credit," Journal of Monetary Economics, Elsevier, vol. 31(1), pages 97-115, February.
- Caballero, Ricardo J. & Lyons, Richard K., 1992.
"External effects in U.S. procyclical productivity,"
Journal of Monetary Economics, Elsevier, vol. 29(2), pages 209-225, April.
- Caballero, R.J. & Lyons, R.K., 1991. "External Effects in U.S. Procyclical Productivity," Papers 91-19, Columbia - Graduate School of Business.
- Lucas, Robert E, Jr & Stokey, Nancy L, 1987.
"Money and Interest in a Cash-in-Advance Economy,"
Econometrica, Econometric Society, vol. 55(3), pages 491-513, May.
- Robert E. Lucas Jr. & Nancy L. Stokey, 1984. "Money and Interest in Cash-In-Advance Economy," Discussion Papers 628, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Robert E. Lucas, Jr. & Nancy L. Stokey, 1985. "Money and Interest in a Cash-in-Advance Economy," NBER Working Papers 1618, National Bureau of Economic Research, Inc.
- Lucas, Robert Jr. & Stokey, Nancy L., 1983.
"Optimal fiscal and monetary policy in an economy without capital,"
Journal of Monetary Economics, Elsevier, vol. 12(1), pages 55-93.
- Robert E. Lucas Jr. & Nancy L. Stokey, 1982. "Optimal Fiscal and Monetary Policy in an Economy Without Capital," Discussion Papers 532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Wu, Yangru & Zhang, Junxi, 1998. "Endogenous growth and the welfare costs of inflation: a reconsideration," Journal of Economic Dynamics and Control, Elsevier, vol. 22(3), pages 465-482, March.
- Farmer Roger E. A. & Guo Jang-Ting, 1994.
"Real Business Cycles and the Animal Spirits Hypothesis,"
Journal of Economic Theory, Elsevier, vol. 63(1), pages 42-72, June.
- Roger E.A. Farmer & Jang Ting Guo, 1992. "Real Business Cycles and the Animal Spirits Hypothesis," UCLA Economics Working Papers 680, UCLA Department of Economics.
- Kydland, Finn E & Prescott, Edward C, 1982.
"Time to Build and Aggregate Fluctuations,"
Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
- Finn E. Kydland & Edward C. Prescott, 1982. "Executable program for "Time to Build and Aggregate Fluctuations"," QM&RBC Codes 4, Quantitative Macroeconomics & Real Business Cycles.
- Finn E. Kydland & Edward C. Prescott, 1982. "Web interface for "Time to Build and Aggregate Fluctuations"," QM&RBC Codes 4a, Quantitative Macroeconomics & Real Business Cycles.
- Goodfriend, Marvin, 1997.
"A framework for the analysis of moderate inflations,"
Journal of Monetary Economics, Elsevier, vol. 39(1), pages 45-65, June.
- Marvin Goodfriend, 1997. "A framework for the analysis of moderate inflations," Working Paper 97-04, Federal Reserve Bank of Richmond.
- Fischer, Stanley & Huizinga, John, 1982. "Inflation, Unemployment, and Public Opinion Polls," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 14(1), pages 1-19, February.
- Rogerson, Richard, 1988.
"Indivisible labor, lotteries and equilibrium,"
Journal of Monetary Economics, Elsevier, vol. 21(1), pages 3-16, January.
- Richard Rogerson, 2010. "Indivisible Labor, Lotteries and Equilibrium," Levine's Working Paper Archive 250, David K. Levine.
- Julio J. Rotemberg & Michael Woodford, 1991. "Markups and the Business Cycle," NBER Chapters, in: NBER Macroeconomics Annual 1991, Volume 6, pages 63-140, National Bureau of Economic Research, Inc.
- Robert E. Hall, 1986. "Market Structure and Macroeconomic Fluctuations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 17(2), pages 285-338.
- Thomas F. Cooley & Gary D. Hansen, 1991.
"The welfare costs of moderate inflations,"
Proceedings, Federal Reserve Bank of Cleveland, pages 483-518.
- Cooley, Thomas F & Hansen, Gary D, 1991. "The Welfare Costs of Moderate Inflations," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 483-503, August.
- Cooley, T.F. & Hansen, G.D., 1991. "The Welfare Costs of Moderate Inflations," RCER Working Papers 266, University of Rochester - Center for Economic Research (RCER).
- Cooley, T.F. & Hansen, G.D., 1991. "The Welfare Costs of Moderate Inflations," Papers 90-04, Rochester, Business - General.
- Hall, Robert E, 1988.
"The Relation between Price and Marginal Cost in U.S. Industry,"
Journal of Political Economy, University of Chicago Press, vol. 96(5), pages 921-947, October.
- Robert E. Hall, 1986. "The Relation Between Price and Marginal Cost in U.S. Industry," NBER Working Papers 1785, National Bureau of Economic Research, Inc.
- Gomme, Paul, 1993.
"Money and growth revisited : Measuring the costs of inflation in an endogenous growth model,"
Journal of Monetary Economics, Elsevier, vol. 32(1), pages 51-77, August.
- Paul Gomme, 1991. "Money and growth revisited," Discussion Paper / Institute for Empirical Macroeconomics 55, Federal Reserve Bank of Minneapolis.
- Marianne Baxter & Robert G. King, 1991. "Productive externalities and business cycles," Discussion Paper / Institute for Empirical Macroeconomics 53, Federal Reserve Bank of Minneapolis.
- Den Haan, Wouter J., 1990. "The optimal inflation path in a Sidrauski-type model with uncertainty," Journal of Monetary Economics, Elsevier, vol. 25(3), pages 389-409, June.
- Hornstein, Andreas, 1993. "Monopolistic competition, increasing returns to scale, and the importance of productivity shocks," Journal of Monetary Economics, Elsevier, vol. 31(3), pages 299-316, June.
- Gomme, Paul, 1993.
"Money and growth revisited : Measuring the costs of inflation in an endogenous growth model,"
Journal of Monetary Economics, Elsevier, vol. 32(1), pages 51-77, August.
- Gomme, P., 1993. "Money and Growth Revisited : Measuring the Costs of Inflation in an Endogenous Growth Model," Discussion Papers dp93-03, Department of Economics, Simon Fraser University.
- Robert M. Adams, 1994. "On the welfare cost of inflation," Working Papers in Applied Economic Theory 94-07, Federal Reserve Bank of San Francisco.
- Lucas, Robert E, Jr, 1980. "Equilibrium in a Pure Currency Economy," Economic Inquiry, Western Economic Association International, vol. 18(2), pages 203-220, April.
- Lucas, Robert E., 1984. "Money in a theory of finance," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 21(1), pages 9-46, January.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Ho Wai-Ming, 2020.
"Liquidity constraints, international trade, and optimal monetary policy,"
The B.E. Journal of Macroeconomics, De Gruyter, vol. 20(2), pages 1-29, June.
- Ho Wai-Ming, 2020. "Liquidity constraints, international trade, and optimal monetary policy," The B.E. Journal of Macroeconomics, De Gruyter, vol. 20(2), pages 1-29, June.
- Lu, Chia-Hui & Chen, Been-Lon & Hsu, Mei, 2011. "The dynamic welfare cost of seignorage tax and consumption tax in a neoclassical growth model with a cash-in-advance constraint," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 247-258, June.
- Tamas Z. Csabafi & Max Gillman & Ruthira Naraidoo, 2019.
"International Business Cycle and Financial Intermediation,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 51(8), pages 2293-2303, December.
- Tamas Csabafi & Max Gillman & Ruthira Naraidoo, 2016. "International Business Cycle and Financial Intermediation," Working Papers 201687, University of Pretoria, Department of Economics.
- Max Gillman & Tamas Csabafi & Ruthira Naraidoo, 2018. "International Business Cycle and Financial Intermediation," CEU Working Papers 2018_7, Department of Economics, Central European University.
- Tamas Csabafi & Max Gillman & Ruthira Naraidoo, 2018. "International Business Cycle and Financial Intermediation," CERS-IE WORKING PAPERS 1830, Institute of Economics, Centre for Economic and Regional Studies.
- Pedro de Araujo, 2008. "Calculating Welfare Costs of Inflation in a Search Model with Preference Heterogeneity: A Calibration Exercise," CAEPR Working Papers 2008-012, Center for Applied Economics and Policy Research, Department of Economics, Indiana University Bloomington.
- Pedro de Araujo, 2015. "Calculating Welfare Costs Of Inflation In A Search Model With Preference Heterogeneity: A Calibration Exercise," Bulletin of Economic Research, Wiley Blackwell, vol. 67(1), pages 14-29, January.
- Dibooglu, Sel & Kenc, Turalay, 2009. "Welfare cost of inflation in a stochastic balanced growth model," Economic Modelling, Elsevier, vol. 26(3), pages 650-658, May.
- Ricardo Lagos & Randall Wright, 2005.
"A Unified Framework for Monetary Theory and Policy Analysis,"
Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.
- Ricardo Lagos & Randall Wright, 2002. "A unified framework for monetary theory and policy analysis," Working Papers (Old Series) 0211, Federal Reserve Bank of Cleveland.
- Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis.
- Kevin Moran, 2005. "Learning and the Welfare Implications of Changing Inflation Targets," Cahiers de recherche 0511, CIRPEE.
- Pedro de Araujo, 2008. "Calculating Welfare Costs of Inflation in a Search Model with Preference Heterogeneity: A Calibration Exercise," Caepr Working Papers 2008-012, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
- Chang, Juin-Jen & Lai, Ching-Chong & Liao, Chih-Hsing, 2017. "Welfare Cost of Inflation: The Role of Price Markups and Increasing Returns to Production Specialization," MPRA Paper 77753, University Library of Munich, Germany.
- Wai‐Ming Ho & Jinli Zeng & Jie Zhang, 2007.
"Inflation Taxation and Welfare with Externalities and Leisure,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(1), pages 105-131, February.
- Wai-Ming Ho & Jinli Zeng & Jie Zhang, 2007. "Inflation Taxation and Welfare with Externalities and Leisure," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(1), pages 105-131, February.
- Wai-Ming Ho & Jinli Zeng & Jie Zhang, "undated". "Inflation Taxation and Welfare with Externalities and Leisure," MRG Discussion Paper Series 0906, School of Economics, University of Queensland, Australia.
- Mao, Sheng-Zhi & Huang, Chien-Yu & Chang, Juin-Jen, 2019. "Growth effects and welfare costs in an innovation-driven growth model of money and banking," Journal of Macroeconomics, Elsevier, vol. 62(C).
- Nicoletta Batini & Joseph Pearlman, 2002.
"Too Much Too Soon: Instability and Indeterminacy with Forward-Looking Rules,"
Discussion Papers
08, Monetary Policy Committee Unit, Bank of England.
- Nicoletta Batini & Joe Pearlman, 2002. "Too Much Too Soon: Instability and Indeterminacy with Forward-Looking Rules," Computing in Economics and Finance 2002 182, Society for Computational Economics.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Heer, Burkhard, 2003.
"Welfare costs of inflation in a dynamic economy with search unemployment,"
Journal of Economic Dynamics and Control, Elsevier, vol. 28(2), pages 255-272, November.
- Burkhard Heer, 2000. "Welfare Costs of Inflation in a Dynamic Economy with Search Unemployment and Endogenous Growth," Econometric Society World Congress 2000 Contributed Papers 0478, Econometric Society.
- Wu, Yangru & Zhang, Junxi, 1998. "Endogenous growth and the welfare costs of inflation: a reconsideration," Journal of Economic Dynamics and Control, Elsevier, vol. 22(3), pages 465-482, March.
- S. Boragan Aruoba & Christopher J. Waller & Randall Wright, 2009. "Money and capital: a quantitative analysis," Working Papers 2009-031, Federal Reserve Bank of St. Louis.
- Salyer, Kevin D., 1995. "The macroeconomics of self-fulfilling prophecies A review essay," Journal of Monetary Economics, Elsevier, vol. 35(1), pages 215-242, February.
- Aruoba, S. Boragan & Waller, Christopher J. & Wright, Randall, 2011.
"Money and capital,"
Journal of Monetary Economics, Elsevier, vol. 58(2), pages 98-116, March.
- S. Boragan Aruoba & Christopher J. Waller, 2005. "Money and Capital," 2005 Meeting Papers 550, Society for Economic Dynamics.
- S. Boragan Aruoba & Christopher J. Waller & Randall Wright, 2007. "Money and capital," Working Papers (Old Series) 0714, Federal Reserve Bank of Cleveland.
- Miller, Stephen M. & Martins, Luis Filipe & Gupta, Rangan, 2019.
"A Time-Varying Approach Of The Us Welfare Cost Of Inflation,"
Macroeconomic Dynamics, Cambridge University Press, vol. 23(2), pages 775-797, March.
- Stephen M. Miller & Luis F. Martins & Rangan Gupta, 2014. "A Time-Varying Approach of the US Welfare Cost of Inflation," Working papers 2014-11, University of Connecticut, Department of Economics.
- Stephen M. Miller & Luis F. Martins & Rangan Gupta, 2014. "A Time-Varying Approach of the US Welfare Cost of Inflation," Working Papers 201419, University of Pretoria, Department of Economics.
- Dotsey, Michael & Ireland, Peter, 1996.
"The welfare cost of inflation in general equilibrium,"
Journal of Monetary Economics, Elsevier, vol. 37(1), pages 29-47, February.
- Michael Dotsey & Peter N. Ireland, 1994. "The welfare cost of inflation in general equilibrium," Working Paper 94-04, Federal Reserve Bank of Richmond.
- repec:ipg:wpaper:2014-474 is not listed on IDEAS
- Farmer Roger E. A. & Guo Jang-Ting, 1994.
"Real Business Cycles and the Animal Spirits Hypothesis,"
Journal of Economic Theory, Elsevier, vol. 63(1), pages 42-72, June.
- Roger E.A. Farmer & Jang Ting Guo, 1992. "Real Business Cycles and the Animal Spirits Hypothesis," UCLA Economics Working Papers 680, UCLA Department of Economics.
- Beaudry, Paul & Devereux, Michael B., 1995. "Money and the real exchange rate with sticky prices and increasing returns," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 55-101, December.
- Lu, Chia-Hui & Chen, Been-Lon & Hsu, Mei, 2011. "The dynamic welfare cost of seignorage tax and consumption tax in a neoclassical growth model with a cash-in-advance constraint," Journal of Macroeconomics, Elsevier, vol. 33(2), pages 247-258, June.
- Jaimovich, Nir, 2007.
"Firm dynamics and markup variations: Implications for sunspot equilibria and endogenous economic fluctuations,"
Journal of Economic Theory, Elsevier, vol. 137(1), pages 300-325, November.
- Nir Jaimovich, 2007. "Firm Dynamics and Markup Variations: Implications for Sunspot Equilibria and Endogenous Economic Fluctuation," Discussion Papers 07-011, Stanford Institute for Economic Policy Research.
- Basu, S.: Fernald, J.G., 1993.
"Constant Returns and Small Markups in U.S. Manufacturing,"
Papers
93-19, Michigan - Center for Research on Economic & Social Theory.
- Susanto Basu & John G. Fernald, 1994. "Constant returns and small markups in U.S. manufacturing," International Finance Discussion Papers 483, Board of Governors of the Federal Reserve System (U.S.).
- Satyajit Chatterjee & Russell Cooper, 2014.
"Entry And Exit, Product Variety, And The Business Cycle,"
Economic Inquiry, Western Economic Association International, vol. 52(4), pages 1466-1484, October.
- Satyajit Chatterjee & Russell W. Cooper, 1993. "Entry and exit, product variety and the business cycle," Working Papers 93-30, Federal Reserve Bank of Philadelphia.
- Satyajit Chatterjee & Russell Cooper, 1993. "Entry and Exit, Product Variety and the Business Cycle," NBER Working Papers 4562, National Bureau of Economic Research, Inc.
- Perli, Roberto, 1998.
"Indeterminacy, home production, and the business cycle: A calibrated analysis,"
Journal of Monetary Economics, Elsevier, vol. 41(1), pages 105-125, February.
- Roberto Perli, "undated". "Indeterminacy, Home Production, and the Business Cycle: a Calibrated Analysis," CARESS Working Papres 97-4, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
- Roberto Perli, 1995. "Indeterminacy, Home Production, and the Business Cycle: a Calibrated Analysis," Home Pages _042, University of Pennsylvania.
- Hromcova, Jana, 2003. "Money and growth in a cash-in-advance economy with costly credit," Economic Modelling, Elsevier, vol. 20(6), pages 1113-1136, December.
- Ambler, Steve & Guay, Alain & Phaneuf, Louis, 2012. "Endogenous business cycle propagation and the persistence problem: The role of labor-market frictions," Journal of Economic Dynamics and Control, Elsevier, vol. 36(1), pages 47-62.
- Kamihigashi, Takashi, 1996. "Real business cycles and sunspot fluctuations are observationally equivalent," Journal of Monetary Economics, Elsevier, vol. 37(1), pages 105-117, February.
- Ricardo Lagos & Randall Wright, 2005.
"A Unified Framework for Monetary Theory and Policy Analysis,"
Journal of Political Economy, University of Chicago Press, vol. 113(3), pages 463-484, June.
- Ricardo Lagos & Randall Wright, 2002. "A unified framework for monetary theory and policy analysis," Working Papers (Old Series) 0211, Federal Reserve Bank of Cleveland.
- Ricardo Lagos & Randall Wright, 2004. "A unified framework for monetary theory and policy analysis," Staff Report 346, Federal Reserve Bank of Minneapolis.
- Devereux, Michael B. & Head, Allen C. & Lapham, Beverly J., 1996. "Aggregate fluctuations with increasing returns to specialization and scale," Journal of Economic Dynamics and Control, Elsevier, vol. 20(4), pages 627-656, April.
- Wang, Pengfei & Wen, Yi, 2008.
"Imperfect competition and indeterminacy of aggregate output,"
Journal of Economic Theory, Elsevier, vol. 143(1), pages 519-540, November.
- Pengfei Wang & Yi Wen, 2007. "Imperfect competition and indeterminacy of aggregate output," Working Papers 2006-017, Federal Reserve Bank of St. Louis.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:moneco:v:46:y:2000:i:2:p:417-440. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/505566 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.