Inflation as a Tax On Money: Integfration Into Is-Lm Analysis

T. Norman Van Cott
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T. Norman Van Cott: Ball State University

Public Finance Review, 1981, vol. 9, issue 1, 61-74

Abstract: Inflation acts as a tax on private monetary wealth, thereby enabling the government to command real resources via inflationary monetary issue. Curiously, the inflation tax on money concept has never been integrated into the IS-LM tradition of macroeconomic analysis. This article illustrates how inflation as a tax on money can be dealt with in IS-LM terms. By remedying this long-standing gap in macroeconomics literature, the IS-LM tradition in macroeconomics is more open to discussion of issues related to the inflation tax.

Date: 1981
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Persistent link: https://EconPapers.repec.org/RePEc:sae:pubfin:v:9:y:1981:i:1:p:61-74

DOI: 10.1177/109114218100900105

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