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نرخ تورم ناخالص
A stationary equilibrium with binding collateral constraints consists of quantities (m¯ , b¯ , c¯, dr, du, c, m, f r, br, bu, br, f u ), prices (zf, zb), and gross inflation rate μ, satisfying (12) and (15) with equality, (16)-(23), (8), and market clearing,
so the gross inflation rate depends only on the inefficiency in the market in which currency is exchanged for goods in the DM.
That is, inflation creates inefficiency in exchange involving currency - the higher is the gross inflation rate μ, the smaller is xrc, which is consumption in meetings in the DM of retail bank depositors with sellers who accept only currency.
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