TY  - BOOK
AU  - Fischer,Stanley
AU  - Modigliani,Franco
ED  - National Bureau of Economic Research.
TI  - Towards An Understanding of the Real Effects and Costs of Inflation
T2  - NBER working paper series
PY  - 1978///
CY  - Cambridge, Mass.
PB  - National Bureau of Economic Research
N1  - November 1978; Hardcopy version available to institutional subscribers
N2  - The organization of the paper is simple. We start by examining the real effects of anticipated inflation in an economy that has fully adapted to inflation. In particular, in this economy: (i) public institutions are fully attuned to inflation (or inflation proof), (ii) the same is true of private institutions, (iii) current and future inflation is fully reflected in inherited contracts, and (iv) future inflation is fully reflected in contracts for the future. After we have discussed the effects of anticipated inflation in this environment, we examine the real effects of inflation that arise as the assumptions (i) to (iv) are dropped one after the other. The effects cumulate in the sense that those present in the economy that has fully adapted to inflation are also present in economies with non-inflation proof institutions, and so on
UR  - https://www.nber.org/papers/w0303
UR  - http://dx.doi.org/10.3386/w0303
ER  -