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Transitional and steady-state costs of disinflation when growth is endogenous

机译：内生增长时通货膨胀的过渡和稳态成本

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摘要

In a monetary version of the Uzawa (1965) Lucas (1988) model of endogenous growth, this paper illustrates how a credible policy of rapid disinflation can induce temporary declines in employment and output, with the former exhibiting a significant degree of persistance; however, these temporary declines in employment and output are not associated with any nominal rigidities in the economy, and therefore do not represent dead-weight losses that occur along the transition path, but are instead a part of an optimal response to the policy change. The measured welfare benefits of disinflation are seen to be higher when the transition path is taken into account.
机译：在Uzawa（1965）Lucas（1988）的内生增长模型的货币模型中，本文说明了快速通货紧缩的可靠政策如何导致就业和产出暂时下降，而前者表现出很大程度的持久性;但是，就业和产出的这些暂时下降与经济中的任何名义刚性都没有关系，因此并不代表过渡时期发生的无谓损失，而是对政策变化的最佳反应的一部分。当考虑过渡路径时，可以看到衡量的通货膨胀福利收益更高。

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