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Discussion of Stanley Fischer, “Towards an Understanding of the Costs of Inflation: II”
Ist Teil von
Collected Papers on Monetary Theory, 2012, p.81-89
Ort / Verlag
United States: Harvard University Press
Erscheinungsjahr
2012
Quelle
Alma/SFX Local Collection
Beschreibungen/Notizen
The great disciplining virtue of applied welfare economics is that it forces one to take a position on all of the issues involved in constructing a quantitatively serious general equilibrium model of the entire economy.★Unless one cheats, and in his paper Stanley Fischer tries very conscientiously not to,everythingmust be faced. In a monetary application especially, this can be a humbling experience because it lays bare the many really basic issues on which we are far from a solidly-based understanding.
Fischer’s starting point is the solution to the problem of measuring the welfare cost of inflation that Bailey