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The Costs of Inflation: Some Theoretical Issues

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  • Hardman Moore, John

Abstract

Although for the most part this paper is concerned with others' work, it is not a survey of the literature. Notable omissions are: the shoe-leather effect, the Tobin effect, the real effects of nominal (government) institutions. The first part looks at the relationship between inflation, relative prices and inefficiency. Inter alia, there is a critique of the way the price misperceptions model has been used in applied work, and a new model of the effects of consumers thinking in nominal terms. The second part considers the consequences of, and possible reasons for, the non-indexing of loans. Finally, the relation between inflation and the stock market is discussed.

Suggested Citation

  • Hardman Moore, John, 1984. "The Costs of Inflation: Some Theoretical Issues," CEPR Discussion Papers 19, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:19
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