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Divisia Index, Inflation, and Welfare

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  • Cysne, Rubens P

Abstract

This work addresses a usual criticism in the literature of the welfare costs of inflation, related to the tact that some items in the relevant definition of money pay interest, while others do not. We show that the problem can be solved by using a Divisia index of monetary services as the welfare measure.

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Bibliographic Info

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

Volume (Year): 35 (2003)
Issue (Month): 2 (April)
Pages: 221-38

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Handle: RePEc:mcb:jmoncb:v:35:y:2003:i:2:p:221-38

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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 & 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, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  2. 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).
  3. 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).
  4. Cysne, Rubens Penha & Turchick, David, 2010. "Welfare costs of inflation when interest-bearing deposits are disregarded: A calculation of the bias," Journal of Economic Dynamics and Control, Elsevier, vol. 34(6), pages 1015-1030, June.
  5. Cysne, Rubens Penha, 2011. "The n-Dimensional Bailey-Divisia Measure as a General-Equilibrium Measure of the Welfare Costs of Inflation," Economics Working Papers (Ensaios Economicos da EPGE) 720, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  6. Michael T. Belongia & Peter N. Ireland, 2010. "The Barnett Critique After Three Decades: A New Keynesian Analysis," Boston College Working Papers in Economics 736, Boston College Department of Economics.
  7. Cysne, Rubens P. & Maldonado, Wilfredo L. & Monteiro, Paulo Klinger, 2005. "Inflation and income inequality: A shopping-time approach," Journal of Development Economics, Elsevier, vol. 78(2), pages 516-528, December.
  8. Andr� C. Silva, 2012. "Rebalancing Frequency and the Welfare Cost of Inflation," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(2), pages 153-83, April.
  9. Cysne, Rubens Penha, 2004. "Solving the Non-Convexity Problem in Some Shopping-Time and Human-Capital Models," Economics Working Papers (Ensaios Economicos da EPGE) 567, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  10. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
  11. Cysne, Rubens Penha & Turchick, David, 2009. "On the integrability of money-demand functions by the Sidrauski and the shopping-time models," Journal of Banking & Finance, Elsevier, vol. 33(9), pages 1555-1562, September.
  12. Jones, Barry E. & Dutkowsky, Donald H. & Elger, Thomas, 2005. "Sweep programs and optimal monetary aggregation," Journal of Banking & Finance, Elsevier, vol. 29(2), pages 483-508, February.
  13. Cysne, Rubens Penha, 2006. "A note on the non-convexity problem in some shopping-time and human-capital models," Journal of Banking & Finance, Elsevier, vol. 30(10), pages 2737-2745, October.
  14. 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).

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