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Author:Fershtman, C.
Fishman, A.
Simhon, A.
Title:Inflation and efficiency in a search economy
Journal:International Economic Review
2003 : FEB, VOL. 44:1, p. 205-222
Index terms:Inflation policy
Efficiency
Economic theory
Language:eng
Abstract:The authors prsent a model in which purely monetary inflation systematically affects efficiency, welfare, and relative prices. The model focuses on the microeconomics of trade in search markets under inflation. Inflation, by increasing the cost of holding money, undermines the market's ability to sustain long-term customer relationships. Because those relationships generate the most efficient transactions patterns overal welfare unambiguously declines.
SCIMA record nr: 243945
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