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Inflation, Welfare, and Public Goods

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  • Gaetano Bloise
  • Sergio Currarini
  • Nicholas Kikidis

Abstract

In this article we study the welfare effects of monetary policy in a simple overlapping generation economy in which agents voluntarily contribute to a public good. Inflation has two effects at equilibrium: it increases voluntary contributions and it misallocates private consumption across time. We show that the aggregate effect is welfare‐improving for “not too large” inflation rates. Moreover, there exists an optimal inflation rate.

Suggested Citation

  • Gaetano Bloise & Sergio Currarini & Nicholas Kikidis, 2002. "Inflation, Welfare, and Public Goods," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 4(3), pages 369-386, July.
    • Handle: RePEc:bla:jpbect:v:4:y:2002:i:3:p:369-386
    DOI: 10.1111/1467-9779.00103
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    Cited by:

    1. Eisei Ohtaki, 2023. "Climate change and monetary policy," Working Papers e176, Tokyo Center for Economic Research.
    2. Eisei Ohtaki, 2023. "Climate change, financial intermediation, and monetary policy," Working Papers e179, Tokyo Center for Economic Research.
    3. Eisei Ohtaki, 2023. "Does climate change lead financial instability?: A benchmark result," Working Papers e175, Tokyo Center for Economic Research.

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