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• W1937248517 abstract "The negative effect of inflation on the output growth rate has been found in panel studies that avoid biases of previous cross section work. Theoretically this effect is supported qualitatively by endogenous growth exchange economies. Related research examines Tobin-type effects of inflation on the levels of various variables, such as capital usage. A coherent explanation of both growth and level effects theoretically still is lacking. We present a model to do this and find an explanation for both the growth effect and a set of inflation-induced phenomena that can be thought of as a revised Tobin effect. A basic link between the magnitude of the growth and the level effects is the degree to which inflation affects the real wage to real interest rate ratio, and this depends on the magnitude of the interest elasticity of money demand. Inflation acts as a tax on market earnings that raises the real wage rate relative to the real interest rate, lowers the growth rate, and increases the capital/labor intensities across sectors, to a degree inversely dependent on the magnitude of the interest elasticity. In addition our micro-founded exchange technology qualitatively explains some basic postwar monetary facts, and we compare this technology to more standard money/credit exchange technologies. Together the effects of inflation present a candidate monetary explanation for the postwar rise and fall of stagflation, including a wide range of effects that can be described as Tobin-related." @default.
• W1937248517 created "2016-06-24" @default.
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• W1937248517 date "2002-01-01" @default.
• W1937248517 modified "2023-09-24" @default.
• W1937248517 title "Modelling the effect of inflation: growth, levels, and Tobin." @default.
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