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Welfare Costs of Inflation and Interest-Bearing Money

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Author Info
Simonsen, Mario Henrique
Cysne, Rubens Penha

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Abstract

This note extends the Lucas' analysis of the welfare cost of inflation to an economy with interest-bearing deposits. Lower and upper bounds to Lucas' measure of the welfare cost of inflation are also provided. The upper bound is shown to lie between Lucas' measure of the welfare cost of inflation and the area under the money-demand curve.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 33 (2001)
Issue (Month): 1 (February)
Pages: 90-100
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Handle: RePEc:mcb:jmoncb:v:33:y:2001:i:1:p:90-100

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Ryu-ichiro Murota & Yoshiyasu Ono, 2009. "Zero Nominal Interest Rates, Unemployment, Excess Reserves and Deflation in a Liquidity Trap," ISER Discussion Paper 0748, Institute of Social and Economic Research, Osaka University. [Downloadable!]
  2. Mauro Boianovsky, 2002. "Simonsen and the early history of the cash-in-advance approach," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 9(1), pages 57-71, March. [Downloadable!] (restricted)
  3. Cysne, Rubens Penha & Turchick, David, 2007. "An Ordering of Measures of the Welfare Cost of Inflation in Economies with Interest-Bearing Deposits," Economics Working Papers (Ensaios Economicos da EPGE) 659, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  4. Cysne, Rubens Penha & Turchick, David, 2008. "On the Consistency of Arbitrary Money-Demand Functions with the Sidrauski and the Shopping-Time Models," Economics Working Papers (Ensaios Economicos da EPGE) 666, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
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