期刊名称：Discussion Papers / School of Business, University of New South Wales
出版年度：2007
卷号：2007
出版社：Sydney
摘要：This paper examines the welfare costs of inflation within a monetary dynamic general
equilibrium framework with human capital that incorporates endogenous, ex ante skill
heterogeneity among workers. Numerical experiments indicate that, overall, welfare costs are
more likely to decrease with increases in skill heterogeneity. An implication of this feature is
that a greater degree of skill heterogeneity may be associated with a higher tolerance for
inflation, consequently implying a positive correlation between agent heterogeneity and
inflation. Using a panel of several countries we empirically test this proposition. Our evidence
lends some support to this hypothesis.
