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The Causes, Costs and Compensations of Inflation - An Investigation of Three Problems in Monetary Theory (Paperback)
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The Causes, Costs and Compensations of Inflation - An Investigation of Three Problems in Monetary Theory (Paperback)
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This book explores the causes, costs and benefits of inflation. It
argues that while the cause of inflation is essentially monetary,
the costs and benefits of inflation lie in inflation's distortion
of the economy's responses to real shocks. The book begins by
securing the Quantity Theory of Money from certain critiques. The
theory is defended from the 'fiscal theory of the price level' by a
refinement of the theory of money demand, and from post
Keynesianism by the construction of a theory of the supply of
inside money. To cope with the endogeneity of outside money, a
simple and tractable neo-Wicksellian theory of inflation is
advanced, which is shown to exhibit a striking homology with the
Quantity Theory. The author then traces the costliness of
inflation, not to any disturbance of the money market, but to the
damage inflation does to the bond market's function of sharing out
disturbances to consumption caused by technological shocks. The
same damage, however, imparts an egalitarian dynamic to the
accumulation of wealth, which will not occur without risky
inflation. The Causes, Costs and Compensations of Inflation will be
of great interest to policy makers, central bankers, researchers,
and both post-graduate and undergraduate students in
macroeconomics, money and banking.
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