Holland, A Steven - In: Journal of Money, Credit and Banking 27 (1995) 3, pp. 827-37
For the postwar United States, increases in the rate of inflation tend to precede increases in the level of inflation … uncertainty. The finding suggests that higher inflation uncertainty is part of the welfare cost of inflation. Possible … explanations are (1) a high rate of inflation increases uncertainty about future monetary policy and (2) there is uncertainty about …