Costs and Consequences of Inflation

Axel Leijonhufvud

Chapter 9 in The Microeconomic Foundations of Macroeconomics, 1977, pp 265-327 from Palgrave Macmillan

Abstract: Abstract One approach to the microeconomic foundations of macroeconomics problem takes the frame and the components of standard ‘neoclassical’ theory as the given starting point. One asks what can be used and what needs modification for purposes of representing the movement of a macro-system through time and into a future that is in some respects unknowable. The aim is to define and, if possible, solve the analytical problems that emerge at the levels of individual conceptual experiments, market experiments, and general equilibrium experiments. I have pursued this approach in other recent papers1 but am running into diminishing returns.

Keywords: Social Cost; Inflation Rate; Social Welfare Function; Spot Market; Forward Market (search for similar items in EconPapers)
Date: 1977
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Working Paper: Costs and Consequences of Inflation (1975)
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DOI: 10.1007/978-1-349-03236-5_10

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