search query: @author Hillier, B. / total: 3
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| Author: | Hillier, B. |
| Title: | Some unpleasant budgetary arithmetic of a proposal to end inflation: a comment |
| Journal: | Economic Journal
1996 : MAY, VOL. 106:436, p. 628-634 |
| Index terms: | INFLATION ECONOMICS BUDGET |
| Language: | eng |
| Abstract: | A recent paper in this Journal argued that pegging the price of a new financial instrument offered a way to eliminate inflation. The proposal is re-examined in Section I where it is argued that the proposal must be amended if it is to succeed in stabilising the price level. Section II uses a representative agent model to illustrate the arguments of Section I and draws attention to the budgetary implications of the proposal, which implies a resource transfer between the private sector and the government equivalent to a change in tax or expenditure policies. |
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