The cost of inflation: a mechanism design approach

DOI10.1016/J.JET.2012.01.016MaRDI QIDQ417633zbMATHOpenAlexFDO

Authors Guillaume Rocheteau

Publication date 14 May 2012

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://www.clevelandfed.org/en/Newsroom%20and%20Events/Publications/Working%20Papers/~/media/E6134878427E4FEEB7F1DF6FCA25698A.ashx

zbMATH Keywords

cost of inflationoptimal mechanismpairwise trades

Mathematics Subject Classification ID

Macroeconomic theory (monetary models, models of taxation) (91B64) Statistical methods; economic indices and measures (91B82) Auctions, bargaining, bidding and selling, and other market models (91B26)

Recommendations

• Monetary exchange and the irreducible cost of inflation
• The welfare cost of inflation
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• Search, money, and inflation under private information
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Cites work

• A Divisible Search Model of Fiat Money
• A dynamic model of settlement
• Efficient propagation of shocks and the optimal return on money
• Essential interest-bearing money
• Incomplete record-keeping and optimal payment arrangements
• Inflation and welfare
• Money is memory
• Optimal fiscal and monetary policy when money is essential
• Search, money, and inflation under private information
• Some benefits of cyclical monetary policy

Cited in

(7)

• Inflation tax in the lab: a theoretical and experimental study of competitive search equilibrium with inflation
• Monetary exchange and the irreducible cost of inflation
• Money and price posting under private information
• On the coexistence of money and higher-return assets and its social role
• ON THE “HOT POTATO” EFFECT OF INFLATION: INTENSIVE VERSUS EXTENSIVE MARGINS
• Decentralizing constrained-efficient allocations in the Lagos-Wright pure currency economy
• Co-essentiality of money and credit: a mechanism-design view

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