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Welfare Costs of Inflation and Interest-Bearing Money

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  • Simonsen, Mario Henrique
  • Cysne, Rubens Penha

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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Bibliographic 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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Cited by:
  1. Cysne, Rubens Penha & Maldonado, Wilfredo L. & Monteiro, Paulo Klinger, 2004. "Inflation and Income Inequality: A Shopping-Time Aproach," Economics Working Papers (Ensaios Economicos da EPGE) 566, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  2. Cysne, Rubens Penha & Turchick, David, 2010. "Welfare costs of inflation when interest-bearing deposits are disregarded: A calculation of the bias," Economics Working Papers (Ensaios Economicos da EPGE) 700, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  3. Ryu‐ichiro Murota & Yoshiyasu Ono, 2012. "Zero Nominal Interest Rates, Unemployment, Excess Reserves And Deflation In A Liquidity Trap," Metroeconomica, Wiley Blackwell, vol. 63(2), pages 335-357, 05.
  4. Cysne, Rubens Penha & Turchick, David, 2012. "An Ordering Of Measures Of The Welfare Cost Of Inflation In Economies With Interest-Bearing Deposits," Macroeconomic Dynamics, Cambridge University Press, vol. 16(05), pages 732-751, November.
  5. Mauro Boianovsky, 2002. "Simonsen and the early history of the cash\in-advance approach," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(1), pages 57-71.
  6. 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, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  7. Cysne, Rubens Penha, 2006. "An Intra-Household Approach to the Welfare Costs of Inflation (Revised Version, Forthcoming 2006, Estudos Econômicos)," Economics Working Papers (Ensaios Economicos da EPGE) 612, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  8. Rojas Breu, Mariana, 2013. "The welfare effect of access to credit," Economics Papers from University Paris Dauphine 123456789/7353, Paris Dauphine University.
  9. Cysne, Rubens Penha, 2004. "A general-equilibrium closed-form solution to the welfare costs of inflation (Forthcoming, Revista Brasileira de Economia)," Economics Working Papers (Ensaios Economicos da EPGE) 562, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  10. Dieter Nautz & Juliane Scharff, 2005. "Inflation and Relative Price Variability in a Low Inflation Country: Empirical Evidence for Germany," German Economic Review, Verein für Socialpolitik, vol. 6(4), pages 507-523, November.
  11. Cysne, Rubens Penha, 2004. "An intra-household approach to the welfare costs of inflation," Economics Working Papers (Ensaios Economicos da EPGE) 521, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  12. Heng-fu Zou & Liutang Gong & Xinsheng Zeng, 2011. "Inflation Aversion," Annals of Economics and Finance, Society for AEF, vol. 12(1), pages 1-11, May.

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