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An ebbing tide lowers all boats: monetary policy, inflation, and social justice

  • David Altig

An argument that attempting to alleviate the burden of unemployment on the less affluent through expansionary monetary policy may hurt the clientele it is supposed to serve if, ultimately, the policy leads to higher long-run rates of inflation.

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File URL: http://www.clevelandfed.org/Research/Review/1992/92-q2-altig.pdf
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Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1992)
Issue (Month): Q II ()
Pages: 14-22

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Handle: RePEc:fip:fedcer:y:1992:i:qii:p:14-22:n:v.28no.2
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  1. Mankiw, N. Gregory & Zeldes, Stephen P., 1991. "The consumption of stockholders and nonstockholders," Journal of Financial Economics, Elsevier, vol. 29(1), pages 97-112, March.
  2. David Altig & Steve J. Davis, 1989. "The timing of intergenerational transfers, tax policy, and aggregate savings," Working Paper 8917, Federal Reserve Bank of Cleveland.
  3. 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 733-48, September.
  4. Paul Gomme, 1991. "Money and growth revisited," Discussion Paper / Institute for Empirical Macroeconomics 55, Federal Reserve Bank of Minneapolis.
  5. Robert J. Barro, 1989. "New Classicals and Keynesians, or the Good Guys and the Bad Guys," NBER Working Papers 2982, National Bureau of Economic Research, Inc.
  6. Adolf Buse, 1982. "The Cyclical Behaviour of the Size Distribution of Income in Canada: 1947-78," Canadian Journal of Economics, Canadian Economics Association, vol. 15(2), pages 189-204, May.
  7. 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.
  8. Altig, David & Carlstrom, Charles T, 1991. "Inflation, Personal Taxes, and Real Output: A Dynamic Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 547-71, August.
  9. William T. Gavin & Alan C. Stockman, 1992. "A price objective for monetary policy," Economic Commentary, Federal Reserve Bank of Cleveland, issue Apr.
  10. David M. Cutler & Lawrence F. Katz, 1991. "Macroeconomic Performance and the Disadvantaged," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(2), pages 1-74.
  11. Charles T. Carlstrom & William T. Gavin, 1991. "Zero inflation: transition costs and shoe-leather benefits," Working Paper 9113, Federal Reserve Bank of Cleveland.
  12. Kydland, Finn E, 1991. "Inflation, Personal Taxes, and Real Output: A Dynamic Analysis," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 575-79, August.
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