A note on 'Inflation and Welfare'

dc.contributorEscolas::EPGE
dc.contributorFGV
dc.creatorCysne, Rubens Penha
dc.date.accessioned2018-10-25T18:23:45Z
dc.date.accessioned2022-11-03T20:34:04Z
dc.date.available2018-10-25T18:23:45Z
dc.date.available2022-11-03T20:34:04Z
dc.date.created2018-10-25T18:23:45Z
dc.date.issued2008
dc.identifier0378-4266
dc.identifierhttp://hdl.handle.net/10438/25339
dc.identifier10.1016/j.jbankfin.2007.12.012
dc.identifier2-s2.0-48749115313
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/5040829
dc.description.abstractThis note provides an analytical confirmation and a refinement of [Lucas Jr., R.E., 2000. Inflation and welfare. Econometrica 68 (62), 247-274 (March)] numerical findings regarding the characterization of optimality in the shopping-time model presented in that paper. The original numerical analysis concludes that a coefficient of risk aversion (σ) greater than 0.01 is sufficient for optimality. Here we use Arrow's sufficiency theorem to confirm this result and, more importantly, to show without more calculations how changes in parameters can affect it. © 2007 Elsevier B.V. All rights reserved.
dc.languageeng
dc.relationJournal of Banking and Finance
dc.rightsrestrictedAccess
dc.sourceScopus
dc.subjectArrow's Sufficiency Theorem
dc.subjectInflation
dc.subjectOptimal Control
dc.subjectShopping-Time
dc.subjectWelfare
dc.titleA note on 'Inflation and Welfare'
dc.typeArticle (Journal/Review)


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