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Welfare costs of inflation: the case for interest-bearing money and empirical estimates for Brazil
(Escola de Pós-Graduação em Economia da FGV, 1994-07)
We provide in this paper a closed fonn for the Welfare Cost of Inflation which we prove to be closer than Bailey's expression to the correct solution of the corresponding non-separable differential equation. Next. we extend ...
On the general equilibrium costs of perfectly anticipated inflation
(2009)
In monetary models where M0 has no social costs and a positive demand for cash and deposits is taken as a primitive, we show that the compensating variation in endowment is the exact general equilibrium measure of welfare ...
Estimating the Welfare Costs of Very High Inflations and Hyperinflations
(Universität Bern, 2024)
We explore the welfare costs of inflation originating from lack of liquidity
satiation for Weimar Republic’s hyperinflation and three high-inflation countries.
Towards the peak of Weimar’s hyperinflation the costs are ...
Bailey's measure of the welfare costs of inflation as a general-equilibrium measure
(2017)
Lucas (2000) has shown that Bailey’s formula for the welfare costs of inflation can be regarded as an approximation to the general-equilibrium measures that emerge from the Sidrauski and the shopping-time models. In this ...
A note on the integrability of partial-equilibrium measures of the welfare costs of inflation
(Elsevier Science Bv, 2002-12)
Multidimensional measures of the welfare costs of inflation have been employed in the literature without an explicit concern of how the demand for the respective monetary assets are generated and without an investigation ...
Welfare characterization of monetary-applied models and three implications
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2000-04-01)
This paper demonstrates that the applied monetary models - the Sidrauski-type models and the cash-in-advance models, augmented with a banking sector that supplies money substitutes services - imply trajectories which are ...
An ordering of measures of the welfare cost of inflation in economies with interest-bearing deposits
(Escola de Pós-Graduação em Economia, 2007-12-01)
This paper builds on Lucas (2000) and on Cysne (2003) to derive and order six alternative measures of the welfare costs of inflation (five of which already existing in the literature) for any vector of opportunity costs. ...
WeIfare costs of inflation the case for interest-bearing money and empiricaI Estimates for Brazil
(Escola de Pós-Graduação em Economia da FGV, 1994-09-22)
We provide in this paper a closed fonn for the Welfare Cost of Inflation which we prove to be closer than Bailey's expression to the correct solution of the corresponding non-separable differential equation. Next, we extend ...
Welfare cost of Inflation in Brazil: an approach with time-varying cointegration and Kalman filter
(Escola de Pós-Graduação em Economia da FGV, 2018-08-01)
This paper compares the time-varying cointegration and the Kalman filter techniques to estimate the Brazilian money demand between 1996 and 2015. The estimation using Kalman filtering performs better and is subsequently ...
Inflation and income inequality: a shopping-time approach
(Elsevier Science Bv, 2005-12)
Our work is based on a heterogenous agent shopping-time economy in which economic agents present distinct productivities in the production of the consumption good, and differentiated access to transacting assets. The purpose ...