سامانه پشتیبانی خدمات اطلاعات

  اخبار و اعلانات

 آمار

تعداد نشریات163
تعداد شماره‌ها6,770
تعداد مقالات72,936
تعداد مشاهده مقاله132,260,206
تعداد دریافت فایل اصل مقاله103,752,706
HoseiniGhafar, Abbas, Bakhshi Dastjerdi, Rasul, Sameti, Majid, Shajari, Hoshang. (1398). On the Welfare Cost of Inflation in a New Keynesian Model with a Cash-in-advance Constraint: The Case of Iran. , 23(3), 749-768. doi: 10.22059/ier.2019.71797
Abbas HoseiniGhafar; Rasul Bakhshi Dastjerdi; Majid Sameti; Hoshang Shajari. "On the Welfare Cost of Inflation in a New Keynesian Model with a Cash-in-advance Constraint: The Case of Iran". , 23, 3, 1398, 749-768. doi: 10.22059/ier.2019.71797
HoseiniGhafar, Abbas, Bakhshi Dastjerdi, Rasul, Sameti, Majid, Shajari, Hoshang. (1398). 'On the Welfare Cost of Inflation in a New Keynesian Model with a Cash-in-advance Constraint: The Case of Iran', , 23(3), pp. 749-768. doi: 10.22059/ier.2019.71797
HoseiniGhafar, Abbas, Bakhshi Dastjerdi, Rasul, Sameti, Majid, Shajari, Hoshang. On the Welfare Cost of Inflation in a New Keynesian Model with a Cash-in-advance Constraint: The Case of Iran. , 1398; 23(3): 749-768. doi: 10.22059/ier.2019.71797

On the Welfare Cost of Inflation in a New Keynesian Model with a Cash-in-advance Constraint: The Case of Iran

Iranian Economic Review
مقاله 11، دوره 23، شماره 3، مهر 2019، صفحه 749-768    اصل مقاله (1.08 M)
شناسه دیجیتال (DOI): 10.22059/ier.2019.71797
نویسندگان
Abbas HoseiniGhafar؛ Rasul Bakhshi Dastjerdi* ؛ Majid Sameti؛ Hoshang Shajari
Department of Economics, University of Isfahan, Isfahan, Iran
چکیده
T





he welfare cost of inflation in a new Keynesian model has been studied in this article. Nominal prices and wages are subjected to Rotenberg's adjustments in the benchmark model. In addition, this study uses the CIA model to compare the welfare cost of seigniorage tax and consumption tax. The model is calibrated for the Iranian economy and the results of the calibration are as following: In a steady state, a seigniorage tax imposes higher costs on social welfare rather than consumption taxes. We also find that the welfare cost of inflation increases linearly with the inflation rate and the welfare cost in a model without the government is higher than the model with government expenditures. Numerically, in the benchmark model, an annual inflation rate of 10% entails a welfare cost (relative to a -1.5% annual inflation rate, the Friedman Rule’s level of inflation rate) of 1.69% of a steady state consumption without a government. If we add the government to the model, this cost will be 1.28%. This amount will be only 0.5% if we use the RBC model. According to Ascra's measurement (2009), inflation tax increases welfare costs, but consumption tax decreases welfare costs. 
کلیدواژه‌ها
Keywords: Inflation Tax؛ monetary policy؛ Welfare Cost. JEL Classification: D58؛ D60؛ E40
مراجع
Amini, A. R., & Haji Mohammad, N. (2005). The Estimation of the Time Series of Capital stock in Iran for the (1959-2002) Period, Journal of Planning and Budgeting, 90, 53-86

 

 

 

 

Ascari, G., & Tiziano R. (2009). Disinflation in a DSGE Perspective: Sacrifice Ration or Welfare Gain Ratio. Kiel Working Paper, 1499, Retrieved from

https://www.ifw-kiel.de/fileadmin/Dateiverwaltung/IfW-Publications/system/disinflation-in-a-dsge-perspective-sacrifice-ratio-or-welfare-gain-ratio-1/AscariFinal.pdf.

 

Bailey, M. (1956). The Welfare Cost of Inflationary Finance, Journal of Political Economy, 73, 93–110.

 

Blanchard, O., & Gali, J. (2007). Real Wage Rigidities and the New Keynesian Model. Journal of Money, Credit, and Banking, 39, 35–65.

 

Braun, R. A. (1994). How Large Is the Optimal Inflation Tax? Journal of Monetary Economics, 34, 201-214.

 

Cooley, T. F., & Hansen, G. D. (1989). The Inflation Tax in a Real Business Cycle Model. American Economic Review, 79, 733–748.

 

Cole, H. L., & Stockman, A. C. (1992). Specialization, Transactions Technologies, and Money Growth. International Economic Review, 33, 283-298.

 

Correia, I., & Teles, P. (1996). Is the Friedman Rule Optimal When Money Is an Intermediate Good? Journal of Monetary Economics, 38, 223-244.

 

Dotsey, M., & Ireland, P. N. (1996). The Welfare Cost of Inflation in General Equilibrium. Journal of Monetary Economics, 37, 29-47.

 

Erosa, A., & Ventura, G. (2002). On Inflation as a Regressive Consumption Tax. Journal of Monetary Economies, 49, 761-795.

 

 Friedman, M. (1969). The Optimum Quantity of Money and Other Essays. Chicago: Aldine.

 

Jalali Naeini, A. R., & Naderian, M. A. (2011). Inflation and output in a Cash-Constraint Economy. Journal of Money and Economy, 6, 1-28.

 

Gillman, M. (1993). The Welfare Cost of Inflation in Cash-in-Advance Economy with Costly Credit. Journal of Monetary Economy, 31, 97-115.

 

Gomme, P. (1993). Money and Growth Revisited Measuring the Costs of Inflation in an Endogenous Growth Model. Journal of Monetary Economics, 32, 51-77.

 

Guidotti, P. E., & Carlos, A. V. (1993). The Optimal Inflation Tax When Money Reduces Transactions Costs: A Reconsideration. Journal of Monetary Economics, 31, 189-205.

 

Ho, W. M., Zeng, J., & Zang, J. (2007). Inflation Tax and Welfare with Externality and Leisure. Journal of Money, Credit and Banking, 39(1), 105-131.

 

Izadkhasti, H., Samadi, S., & Dallali Esfahani, R. (2015a). The Welfare Effects of Switching from Consumption Taxation to Inflation Taxation in Iran’s Economy. Iranian Journal of Economic Studies, 4(2), 1-15.

 

Izadkhasti, H., Samadi, S., & Dallali Esfahani, R. (2015b). The Effects of Inflation Taxation on Resource Allocation and Welfare in Iran's Economy: Presentation of a Neoclassical Endogenous Growth Model with Leisure and Production Externality. Economic Research, 50(2), 253-280.

 

Khan, A., King, R. G., & Wolman, A. (2003). Optimal Monetary Policy. Review of Economic Studies, 70, 825–60.

 

Kimbrough, K. P. (1986). The Optimal Quantity of Money Rule in the Theory of Public Finance. Journal of Monetary Economics 18, 277-284.

 

Lucas, R. E. (2000). Inflation and Welfare. Econometrica, 68(2), 247-274.

 

Mrazban, H., & Sarem, M. (2015). Analyzing Welfare Costs of Seignorage Tax and Consumption Tax. Quarterly Journal of Economic Research and Policy, 23(74), 171-192.

 

Palivos, T., & Chong K. Y. (1995). Government Expenditure Financing in an Endogenous Growth Model, A Comparison. Journal of Money, Credit and Banking, 27, 1159-1178.

 

Phelps, E. S. (1973). Inflation in the Theory of Public Finance. Swedish Journal of Economics, 75, 67-82.

 

Prescott, E. C. (1987). A Multiple Means-of-Payment Model. In New Approaches to Monetary Economics: Proceedings of the Second International Symposium in Economic Theory and Econometrics. Cambridge: Cambridge University Press.

 

Taei, H. (2006). Labor supply function: an analysis based on Micro data. Journal of Iranian Economic Research, 29, 93-112.

 

Rebelo, S., & Xie, D. (1999). One the Optimality of Interest Rate Smoothing. Journal of Monetary Economics, 43, 263-282.

 

Rotemberg, J. (1982). Monopolistic Price Adjustment and Aggregate Output. Review of Economic Studies, 49, 517-531.

 

Shahmoradi, A. (2008). Examine the Effects of Changing Price of Oil in Price, Output and Welfare in Iranian Economy. Tehran: Ministry of Economic Affairs and Finance.

 

Shafiezadeh, M., Dallali Esfahani, R., & Vaez M. (2016). The Comparison between the Welfare Cost of Seignorage Tax and Consumption Tax: The CIA Approach Iran Case Study. Journal of Economic Modeling, 3(3), 43-65.

 

 

 

Schmitt, G. S., & Uribe, M. (2007) Optimal Simple and Implementable Monetary and Fiscal Rules. Journal of Monetary Economics, 54, 1702-1725.

 

---------- (2006a) Comparing Two Variants of Calvo-type Wage Stickiness. National Bureau of Economics Research Working Paper, 12740, Retrieved from

https://www.nber.org/papers/w12740.pdf.

 

---------- (2006b) Optimal Fiscal and Monetary Policy in a Medium Scale Macroeconomic Model.In G. Gertler and K. Rogoff (Eds.), NBER Macroeconomics Annual 2005. Cambridge: The MIT Press.

 

---------- (2006c) Optimal Simple and Implementable Monetary and Fiscal Rules: An Expanded Version. National Bureau of Economics Research Working Paper, 12402.

 

---------- (2005) Optimal Fiscal and Monetary Policy in a Medium Scale Macroeconomic Model: Expanded Version. National Bureau of Economics Research Working Paper, 11417, Retrieved from

https://infoscience.epfl.ch/record/109472/files/CFP2008_02.pdf.

 

Schreft, S. L. (1992). Transaction Costs and the Use of Cash and Credit. Economic Theory, 2, 283-294.

 

Shi, Sh. (1999). Money, Capital, and Redistributive Effects of Monetary Policies. Journal of Economic Dynamics and Control, 23, 565-590.

 

Walsh, C. E. (2003). Monetary Theory and Policy. London: The MIT Press.

 

Wing, L. T., & Chieh, Y. (2011). Welfare Cost of Inflation in a New Keynesian Model. Journal of Pacific Economic Review, 16, 313-338.

 

Wu, Y., & Junxi, Z. (2000). Monopolistic Competition, Increasing Returns to Scale and the Welfare Costs of Inflation. Journal of Monetary Economics, 46, 417-440.

---------- (1998). Endogenous Growth and the Welfare Costs of Inflation: A Reconsideration. Journal of Economic Dynamics and Control, 22, 465-483.

 

Zangane, M. (2009). Business Cycles Features in Response to Different Shocks in the Context of a New-Keynesian DSGE Model (Unpublished Doctoral Dissertation), University of Tehran, Iran.

 

آمار
تعداد مشاهده مقاله: 699
تعداد دریافت فایل اصل مقاله: 804





سامانه مدیریت نشریات علمی. قدرت گرفته از سیناوب