Inflation, welfare and public expenditures

Detalhes bibliográficos
Autor(a) principal: Ferreira, Pedro Cavalcanti
Data de Publicação: 2001
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/353
Resumo: This paper studies welfare effects of monetary policy in an overlapping generations model with capital and no form of taxation other than inflation. Public expenditures have a positive effect on labor productivity. The main result of the paper is that an expansive monetary policy can be welfare improving, at least for ìsmall enoughî inflation rates, and that there is an optimal inflation rate. Growth maximization, however, is never optimal. Steady-state capital and output increase with inflation, reproducing the so-called Tobin effect. For large inflation rates, however, the government authorities cannot affect real variables and there are only nominal effects.
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spelling Ferreira, Pedro CavalcantiEscolas::EPGEFGV2008-05-13T15:22:45Z2010-09-23T18:57:02Z2008-05-13T15:22:45Z2010-09-23T18:57:02Z2001-08-010104-8910http://hdl.handle.net/10438/353This paper studies welfare effects of monetary policy in an overlapping generations model with capital and no form of taxation other than inflation. Public expenditures have a positive effect on labor productivity. The main result of the paper is that an expansive monetary policy can be welfare improving, at least for ìsmall enoughî inflation rates, and that there is an optimal inflation rate. Growth maximization, however, is never optimal. Steady-state capital and output increase with inflation, reproducing the so-called Tobin effect. For large inflation rates, however, the government authorities cannot affect real variables and there are only nominal effects.engFundação Getulio Vargas. Escola de Pós-graduação em EconomiaEnsaios Econômicos;431Inflation, welfare and public expendituresinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaEconomiaPolítica monetáriaBem-estar econômicoDespesa públicareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAIL1279.pdf.jpg1279.pdf.jpgGenerated Thumbnailimage/jpeg4101https://repositorio.fgv.br/bitstreams/330a0732-2c5f-43a9-ae11-b6b90cbae421/download0b23286fac3d25e5ce16e7832fce58feMD58ORIGINAL1279.pdfapplication/pdf250772https://repositorio.fgv.br/bitstreams/f7e49ef1-0f36-41d4-a135-27acac5dafbc/download8fedb469c0c5f35a5fdf2a202ffcfc1bMD52TEXT1279.pdf.txt1279.pdf.txtExtracted texttext/plain19674https://repositorio.fgv.br/bitstreams/c3d49761-0674-4b0d-9868-7be626518fe4/download667086a010e965dfa67ab9bb8db07dc6MD5710438/3532023-11-08 10:04:02.54open.accessoai:repositorio.fgv.br:10438/353https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-08T10:04:02Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.eng.fl_str_mv Inflation, welfare and public expenditures
title Inflation, welfare and public expenditures
spellingShingle Inflation, welfare and public expenditures
Ferreira, Pedro Cavalcanti
Economia
Economia
Política monetária
Bem-estar econômico
Despesa pública
title_short Inflation, welfare and public expenditures
title_full Inflation, welfare and public expenditures
title_fullStr Inflation, welfare and public expenditures
title_full_unstemmed Inflation, welfare and public expenditures
title_sort Inflation, welfare and public expenditures
author Ferreira, Pedro Cavalcanti
author_facet Ferreira, Pedro Cavalcanti
author_role author
dc.contributor.unidadefgv.por.fl_str_mv Escolas::EPGE
dc.contributor.affiliation.none.fl_str_mv FGV
dc.contributor.author.fl_str_mv Ferreira, Pedro Cavalcanti
dc.subject.area.por.fl_str_mv Economia
topic Economia
Economia
Política monetária
Bem-estar econômico
Despesa pública
dc.subject.bibliodata.por.fl_str_mv Economia
Política monetária
Bem-estar econômico
Despesa pública
description This paper studies welfare effects of monetary policy in an overlapping generations model with capital and no form of taxation other than inflation. Public expenditures have a positive effect on labor productivity. The main result of the paper is that an expansive monetary policy can be welfare improving, at least for ìsmall enoughî inflation rates, and that there is an optimal inflation rate. Growth maximization, however, is never optimal. Steady-state capital and output increase with inflation, reproducing the so-called Tobin effect. For large inflation rates, however, the government authorities cannot affect real variables and there are only nominal effects.
publishDate 2001
dc.date.issued.fl_str_mv 2001-08-01
dc.date.accessioned.fl_str_mv 2008-05-13T15:22:45Z
2010-09-23T18:57:02Z
dc.date.available.fl_str_mv 2008-05-13T15:22:45Z
2010-09-23T18:57:02Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/353
dc.identifier.issn.none.fl_str_mv 0104-8910
identifier_str_mv 0104-8910
url http://hdl.handle.net/10438/353
dc.language.iso.fl_str_mv eng
language eng
dc.relation.ispartofseries.por.fl_str_mv Ensaios Econômicos;431
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.publisher.none.fl_str_mv Fundação Getulio Vargas. Escola de Pós-graduação em Economia
publisher.none.fl_str_mv Fundação Getulio Vargas. Escola de Pós-graduação em Economia
dc.source.none.fl_str_mv reponame:Repositório Institucional do FGV (FGV Repositório Digital)
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