We compare the cyclical and welfare implications of positive trend inflation in Taylor (1980) and Calvo (1983) nominal contracting models. Taylor contracts better match the correlations between nominal real variables. They generate persistent and hump-shaped responses of inflation to monetary policy and investment shocks without indexation, while Calvo contracts do not. Trend inflation has significant distorting effects on the shock impulse responses of key variables with Calvo contracts, but not with Taylor contracts. The correlation between price dispersion and trend inflation is weaker with Taylor contracts. With Calvo contracts, wage dispersion and inflation costs are very sensitive to positive trend inflation under plausible variations in the average age of wage contracts, the elasticity of substitution between skills, economic growth, and labor supply elasticity. They are much more stable with Taylor contracts. Still, based on Taylor contracts, the consumer-equivalent welfare gains resulting from a lower inflation trend after 1982 may range from 3.1% to 7.5%.

在泰勒（1980）和卡尔沃（1983）的名义合同模型中，我们比较了正趋势通货膨胀对周期性和福利的影响。泰勒合同更好地匹配名义实变量之间的相关性。它们对通货膨胀对货币政策和投资冲击产生持续的，驼峰状的反应，而没有建立索引，而卡尔沃合同则没有。趋势通货膨胀对Calvo合同的关键变量的冲击脉冲响应具有明显的扭曲作用，而对于Taylor合同则不然。对于泰勒合同，价格离散度和趋势通货膨胀之间的相关性较弱。对于卡尔沃（Calvo）合同，在工资合同平均年龄，技术之间的替代弹性，经济增长，和劳动力供给弹性。他们与泰勒合同更加稳定。但是，根据泰勒合同，由于1982年以后通货膨胀率下降而产生的与消费者相当的福利收益可能在3.1％至7.5％之间。