Chaim Fershtman, Arthur Fishman, Avi Simhon
Abstract
We present a model in which inflation has a systematic effect on relative prices and welfare. The model focuces on the microeconomics of trade under inflation, and in particular, the role of long-term trading relationships in markets characterized by imperfect information.
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We present a model in which inflation has a systematic effect on relative prices and welfare. The model focuces on the microeconomics of trade under inflation, and in particular, the role of long-term trading relationships in markets characterized by imperfect information.
Key concepts: Economics, Inflation (cosmology), Relative price, Welfare, Perfect information, Imperfect, Monetary economics, Term (time)