Costs of Price Adjustment and the Welfare Economics of Inflation and Disinflation
研究垄断企业面临固定价格调整成本时，通货膨胀与反通货膨胀的福利后果，发现温和通胀比稳定物价更有利于社会福利，但消除温和通胀也能提升福利。
This paper studies the welfare consequences of inflation and disinflation in a model in which monopol istic firms incur a fixed cost of price adjustment. It is shown that a moderately increasing price level is associated with higher social welfare than a perfectly stable price level, and the model therefore provides theoretical support for the widespread belief that a little bit of inflation is good for the economy. Nevertheless, it is also tr ue that the eradication of a moderate inflation leads to an increase in social welfare. Copyright 1988 by American Economic Association.