Inflation, Employment, and Welfare in the Presence of Transactions Costs
探讨交易成本下通胀与就业的关系，分析短期和长期菲利普斯曲线，并讨论最优通胀率，对宏观经济学和货币政策研究者有参考价值。
FOR SOME TIME NOW TWO ISSUES OF PRIMARY IMPORTANCE in macroeconomics and monetary theory have been the relation between inflation and unemployment (the Phillips curve) and the optimum rate of inflation (the optimum quantity of money). In both of these areas the work of Friedman and Phelps has been influential. Friedman (1968) and Phelps (1970) emphasized the role of inflationary expectations in generating a short-run Phillips curve-like tradeoff, but argued that in the long run the Phillips curve is vertical. That is, Friedman and Phelps claimed that in the long run, defined as the time period within which expectations fully adjust to actual circumstances, inflation and employment should be uncorrelated. More recently, Friedman (1977) has argued that since the rate of inflation and its variability tend to be positively related, inflation and employment may be negatively related in the long run. This is the positively sloped Phillips curve phenomenon. In recent years the link between inflation and employment has continued to receive considerable attention. The vast rational expectations literature on the role of monetary policy and the equilibrium approach to the business cycle are, in large part, an outgrowth of the earlier Phillips curve controversy. The notion that there is an inverse long-run relation between inflation and employment has recently received theoretical support from Barro and Santomero (1976), Stockman (1981), and Aschauer and Greenwood (1983). Related studies concerning the real effects of inflation have been undertaken by Jovanovic (1982), Stockman (1984), and Abel (1985). The common element running through all of these papers is that the real effects of inflation arise from the transactions technology that underlies money demand. l