Nicht-neutrale Inflation
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Nicht-neutrale Inflation
Credit and Capital Markets – Kredit und Kapital, Vol. 16 (1983), Iss. 4 : pp. 458–478
1 Citations (CrossRef)
Additional Information
Article Details
Pohl, Rüdiger
Cited By
-
Situationskonsistente Erwartungsstruktur und Geldpolitik in der Bundesrepublik
Jander, Sigurd
Menkhoff, Lukas
Palm, Adalbert
Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 2 P.151
https://doi.org/10.3790/ccm.18.2.151 [Citations: 0]
References
-
Barro, R. J. (1976): Rational Expectations and the Role of Monetary Policy, in: Journal of Monetary Economics 1976, S. 1 - 32.
Google Scholar -
Bordo, M. D. (1980): The Effects of Monetary Change on Relative Commodity Prices and the Role of Long-Term Contracts, in: Journal of Political Economy, Vol. 88, Nr. 6, 1980, S. 1088 - 1109.
Google Scholar -
Buiter, W. H. (1981): The Role of Economic Policy After the New Classical Macroeconomics, in: Currie, D.; Nobay, R.; Peel, D.: Macroeconomic Analysis, Croom Helm, London 1981, S. 233 ff.
Google Scholar -
Fischer, St. (1977): Long-Term Contracts, Rational Expectations, and the Optimal Money Supply Rule, in: Journal of Political Economy, 1977, S. 191 ff.
Google Scholar -
Fischer, St. (1979): Capital Accumulation on the Transition Path in a Monetary Optimizing Model, in: Econometrica, Vol. 47, Nov. 1979.
Google Scholar -
Foster, E. (1978): The Variability of Inflation, in: The Review of Economics and Statistics, Vol. LX, August 1978, Nr. 3.
Google Scholar -
Friedman, M. (1970): Die Gegenrevolution in der Geldtheorie, in: Kalmbach, P. (Hrsg.): Der neue Monetarismus, München 1973, S. 47 - 69.
Google Scholar -
Friedman, M. (1977): Nobel Lecture: Inflation and Unemployment, in: Journal of Political Economy, Nr. 3, 1977, S. 451 - 472.
Google Scholar -
Friedman, B. M. (1979): Optimal Expectations and the Extreme Information Assumptions of Rational Expectations Macromodels, in: Journal of Monetary Economics, Vol. 5, 1979, S. 23-41.
Google Scholar -
Hicks, J. R. (1974): Wages and Inflation, in: Hicks, J. R.: The Crisisin Keynesian Economics, Oxford 1974, S. 59ff.
Google Scholar -
Howitt, P. (1981): Activist Monetary Policy under Rational Expectations, in: The Journal of Political Economy, Vol. 89, Nr. 2, 1981, S. 249 - 269.
Google Scholar -
Levhari, D./ Patinkin, D. (1968): The Role of Money in a Simple Growth Model, in: American Economic Review, 1968, S. 713£f.
Google Scholar -
Lindbeck, A. (1979): Imported and Structural Inflation and Aggregate Demand: The Scandinavian Model Reconstructed, in: Lindbeck, A. (Hrsg.): Inflation and Unemployment in Open Economies, Amsterdam u.a., 1979, S. 13 ff.
Google Scholar -
Logue, D. E./Willett, T. D. (1976): A Note on the Relation between the Rate and Variability of Inflation, Economica, 43, 1976, S. 151ff.
Google Scholar -
Lucas, R. E. (1972): Expectations and the Neutrality of Money, in: Journal of Economic Theory, 1972, S. 103ff.
Google Scholar -
Lucas, R. E./Rapping, L. A. (1970): Real Wages, Employment and Inflation, in: Phelps, E. S. u.a.: Microeconomic Foundations of Employment and Inflation Theory, New York, 1970, S. 257 - 305.
Google Scholar -
McCallum, B. T. (1980): Rational Expectations and Macroeconomic Stabilization Policy, in: Journal of Money, Credit and Banking, Ohio State University Press, Nov. 1980, S. 716ff.
Google Scholar -
Minford, A. P. L./Hilliard, G. W. (1978): The Costs of Variable Inflation, in: Artis, M. J./Nobay, A. R. (Hrsg.): Contemporary Economic Analysis, London 1978, S. 109 - 139.
Google Scholar -
Phelps, E. S. (1970): Money Wage Dynamics and Labour Market Equilibrium, in: Phelps, E.S. et al. (1970): Microeconomic Foundations of Employment and Inflation Theory, New York 1970, S. 124 - 166.
Google Scholar -
Phelps, E. S./Taylor, J. B. (1977): Stabilizing Powers of Monetary Policy under Rational Expectations, in: Journal of Political Economy, 1977, S. 163 ff.
Google Scholar -
Pohl, R. (1981): Theorie der Inflation, München 1981.
Google Scholar -
Sargent, T. J./Wallace, N. (1976): Rational Expectations and the Theory of Economic Policy, in: Journal of Monetary Economics, 1976, S. 169 ff.
Google Scholar -
Taylor, J. B. (1979): Staggered Wage Setting ina Macro Model, in: The American Economic Review, Vol. 69, Nr. 2, Mai 1979.
Google Scholar
Abstract
Non-neutral Inflation
Inflation theory recognizes that in the equilibrium of a stationary economy the inflation rate and the money supply growth rate are equal. This relationship, however, does not constitute an inflation theory, for it does not exclude the case of the money supply growth rate, and hence the price-change rate, being zero or negative. The central problem of inflation theory consists in demonstrating why the money supply growth rate, and hence the inflation rate, is positive. In the “new classical macroeconomics”, inflation has no effect, i.e. it is neutral. Since therefore all price-change rates have identical real effects, the central problem of inflation theory remains unsolved. For the monetary authorities there is no reason to give a positive rate of change in the price level preference over a zero or negative rate. In contrast, in this essay models with non-neutral inflation (under rational expectations) are examined with respect to how far they give access to the central problem of inflation theory. If inflation has real effects, this may induce the monetary authorities to prefer certain price level change rates to others account of the implied real effects. It proves, however, that many macroeconomic models which offer substantiating arguments for the real effects of an inflation are nevertheless evidently unsuitable for solving the central problem of inflation theory. In some models the optimal inflation rate is zero, in others an optimum presupposes only stabilization of the inflation rate (at any level). However, one model is discussed, in which autonomous wage and price fixingisincluded, which exerts an effect on the aggregated wage and price level. In this model, the optimal price level change rate is positive.