摘要：We use an agent-based computational approach to show how in
ation can worsen macroeconomic performance by disrupting the mechanism of exchange in a decentralized market economy. We nd that increasing the trend rate of in
ation above 3 percent has a substantial deleterious e ect, but lowering it below 3 percent has no signi cant macroeconomic consequences. Our nding remains qualitatively robust to changes in parameter values and to modi cations to our model that partly address the Lucas critique. Finally, we contribute a novel explanation for why cross-country regressions may fail to detect a signi cant negative e ect of trend in
ation on output even when such an e ect exists in reality.
