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Published in:
1999 | OriginalPaper | Chapter
Introduction
Author : Dr. Leopold von Thadden
Published in: Money, Inflation, and Capital Formation
Publisher: Springer Berlin Heidelberg
Included in: Professional Book Archive
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Should one expect that a shift to a fully anticipated, more inflationary policy can permanently improve the terms on which the community accumulates real capital ? Given the widespread belief that inflation is something which harms the economy, economic theory is surprisingly ambiguous in answering this question. In fact, a casual look at the by now classical contributions by Tobin (1965), Sidrauski (1967), and Stockman (1981) suffices to sketch this ambiguity.