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‘This Arbitrary Rearrangement of Riches’: an Alternative Theory of the Costliness of Inflation

Coleman, William

Description

This paper develops a model of the costliness of inflation that places the locus of costs in the bond market, rather than the money market. It argues that inflation is costly on account on the contraction of the bond market caused by the riskiness of inflation. The theory is premised upon the social function of bond markets as consisting of the transference of technological risk from those economic interests where risk is most concentrated (and so most painful) to interests where it is...[Show more]

CollectionsANU Centre for Economic Policy Research (CEPR)
Date published: 2007-05
Type: Working/Technical Paper
URI: http://hdl.handle.net/1885/45283
Access Rights: Open Access

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