How Costly is Sustained Low Inflation for the U.S. Economy?

James B. Bullard · Steven H. Russell

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

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The authors study the welfare cost of inflation in a general equilibrium life-cycle model that includes households that live for many periods, production and capital, simple monetary and financial sectors, and a fairly elaborate government sector.

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1985The equity premium: A puzzle 1999By Force of Habit: A Consumption‐Based Explanation of Aggregate Stock Market Behavior 1997The Econometrics of Financial Markets 1988Agency Costs, Net Worth, And Business Fluctuations 1958An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money 1997Preference Parameters and Behavioral Heterogeneity: An Experimental Approach in the Health and Retirement Study 1981Some Unpleasant Monetarist Arithmetic 1988Intertemporal Substitution in Consumption

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