Inflation and Welfare in the Steady State
研究稳态均衡中预期通货膨胀对福利的影响，发现高通胀通过减少消费降低福利，且不支持资本积累的Mundell-Tobin效应，政策建议按时间偏好率通缩。
This is a paper on expected inflation and welfare in steady-state equilibrium. The demand for money is an inventory demand with an endogenous payment period--the Clower constraint is not imposed. Higher inflation reduces welfare by reducing consumption, as people devote more of their real income to maintaining lower average money holdings. High inflation does not necessarily promote an increase in the capital stock--the Mundell-Tobin effect is absent. The policy conclusion is standard: deflate at the rate of time preference. Because capital is held, socially optimal consumption falls short of its golden-rule level. If inside money is allowed, it drives out fiat money, and welfare is again at a maximum.