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The Optimal Rate of Inflation with Trending Relative Prices

✍ Scribed by ALEXANDER L. WOLMAN

Book ID
109147126
Publisher
John Wiley and Sons
Year
2011
Tongue
English
Weight
843 KB
Volume
43
Category
Article
ISSN
0022-2879

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Costly price adjustment and the optimal
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## Abstract I analyse the optimal rate of inflation when prices are costly to change. As the costs of price adjustment are the main friction in the model, effects of inflation stem from the accounting role of money. Inflation increases relative price variability and reduces the average product of l