The Welfare Cost of Inflation in China—Evidence from the Impact of Inflation on Subjective Well-being
利用中国综合社会调查2006年数据，研究发现通胀显著降低主观幸福感，通胀率每上升1%相当于GDP增速下降2%的福利损失，且预期与非预期通胀的福利成本无显著差异。
Inflation is regarded as misery index.In recent years,inflation is the frequent shock to China's macroeconomic, and to calculate the welfare cost of inflation is essentially important for the adjustment of macrocontrol policy and the construction of harmonious society in China Using China General Social Survey(2006), this paper investigates the impact of the inflation on subjective well - being,and calculates the welfare cost of inflation.We find that,inflation is significantly negative related to subjective well - being,and the welfare cost of China's inflation is more than Europe and U.S.The one percent rise of China's inflation should decrease national happiness 1.13%;it is equivalent to the two percent decrease of GDP growth rate.Meanwhile,if the anticipation is adaptive,anticipated inflation and unanticipated inflation are significantly negative related to subjective well - being,but there isn't significant difference between their welfare costs.