Gaggl, Paul; Bilek-Steindl, Sandra - 2007
assessing that it behaves neutral, mean-
ing that any change in money supply is com-
pletely offset by inflation and hence the … wedge of inefficiency (as dubbed
by Robert Lucas Jr.) by subjecting the in-
dividual to an inflation tax. The intuition is … might in-
crease agents must pay inflation in order to
be able to consume an additional unit tomor-
row. Moreover, on top of …