Inflation, Welfare, and Public Good
Sergio Currarini () and
Journal of Public Economic Theory, 2002, vol. 4, issue 3, 369-86
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. Copyright 2002 by Blackwell Publishing Inc.
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Working Paper: Inflation, welfare, and public goods (2002)
Working Paper: Inflation, welfare and public goods (1998)
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