Inflation and Relative Price Variability in a Low Inflation Country: Empirical Evidence for Germany

Dieter Nautz; Juliane Scharff

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Inflation and Relative Price Variability in a Low Inflation Country: Empirical Evidence for Germany

机译：低通货膨胀率国家的通货膨胀和相对价格波动：德国的经验证据

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The recent literature on the welfare cost of inflation emphasizes inflation's effect on the variability of relative prices. Expected and unexpected inflation have both been proposed to increase relative price variability (RPV) and, thereby, to distort the information content of nominal prices. This paper presents new evidence on the impact of inflation on RPV in Germany. Our results indicate that the influence of expected inflation disappears if a credible monetary policy stabilizes inflationary expectations on a low level. Yet the significant impact of unexpected inflation suggests that even low inflation rates can lead to welfare losses by raising RPV above its efficient level.

机译：关于通货膨胀的福利成本的最新文献强调通货膨胀对相对价格的可变性的影响。预期和意外通货膨胀都已被提出来增加相对价格可变性（RPV），从而扭曲名义价格的信息内容。本文提供了有关通胀对德国RPV的影响的新证据。我们的结果表明，如果可靠的货币政策将通胀预期稳定在较低水平，则预期通胀的影响将消失。然而，意外通货膨胀的重大影响表明，即使通货膨胀率较低，也会通过将RPV提高到有效水平之上而导致福利损失。

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来源
《German economic review》 |2005年第4期|p.507-523|共17页
作者
Dieter Nautz; Juliane Scharff;
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作者单位

Goethe University, Frankfurt;

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原文格式 PDF
正文语种 eng
中图分类 f;
关键词
inflation; relative price variability; welfare cost of inflation;

机译：通货膨胀;相对价格可变性;通货膨胀的福利成本;

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Inflation and Relative Price Variability in a Low Inflation Country: Empirical Evidence for Germany

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