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|c 5.00 USD
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|z 9781451853445
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|a 1018-5941
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|c BD-DhAAL
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|a Zee, Howell.
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|a Welfare Cost of (Low) Inflation :
|b A General Equilibrium Perspective /
|c Howell Zee.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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|a 1 online resource (21 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a This paper provides general equilibrium estimates of the steady-state welfare gains of lowering inflation from a low level to close to price stability, using an overlapping-generations growth model. Money demand is modeled on the basis that real money balances are a factor of production. Assuming a standard Fisher equation modified by the presence of an income tax, it is found that inflation unambiguously reduces capital intensity, drives up the before-tax real rate of return to capital, and unambiguously imposes a life-time welfare cost. This welfare cost is, however, quantitatively very modest (under 0.2 percent of GDP annually) within reasonable ranges of all parameter values.
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|a Mode of access: Internet
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|a IMF Working Papers; Working Paper ;
|v No. 1998/111
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/111/001.1998.issue-111-en.xml
|z IMF e-Library
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