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Historically, in the assessment of the effects of inflation on economic welfare, distortions observed in the demand for money play an important role. Recently, interactions between inflation and taxation gains importance to explain the welfare effects of inflation. Present study considers the basic models and selected empirical evidence related to the welfare loss created by inflation.. In order to evaluate the preference on whether inflation should be reduced or eliminated, it is necessary to know the costs of disinflation. After evaluating these costs, we analyze and compare the trade-off between benefits of reducing inflation and the costs of disinflation in an economy. We believe the sacrifice ratio to be a convenient empirical measure of the inherent short-run trade-off between inflation and output. Presenting estimates of the sacrifice ratio for Turkey, this paper argues that the slope of the aggregate supply curve in Turkey is flattening and this may raise the output costs of reining in inflation. A low inflation regime may have continuous benefits which may be enough to offset the initial output losses. This is the relevant trade-off that society faces: whether the present generation is willing to suffer some hardships for the benefits that will accrue to future generations.

Inflation, price stability, welfare loss, demand for money, disinflation


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