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Welfare costs of inflation : the case for interest-bearing money and empirical estimates for Brazil

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  • Simonsen, Mario Henrique
  • Cysne, Rubens Penha

Abstract

We provide in this paper a closed fonn for the Welfare Cost of Inflationwhich we prove to be closer than Bailey's expression to the correct solution of thecorresponding non-separable differential equation. Next. we extend this approachto ao economy with interest-bearing money, once again presenting a betterappoximation than the one given by Bailey's approach. Fmally, empiricalestimates for Brazil are presented.

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File URL: http://bibliotecadigital.fgv.br/dspace/bitstream/10438/775/1/000061753.pdf
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Bibliographic Info

Paper provided by FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil) in its series Economics Working Papers (Ensaios Economicos da EPGE) with number 245.

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Date of creation: Jul 1994
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Handle: RePEc:fgv:epgewp:245

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Cited by:
  1. João R. Faria & Francisco Galrão Carneiro, 2001. "Does High Inflation Affect Growth in the Long and Short Run?," Journal of Applied Economics, Universidad del CEMA, Universidad del CEMA, vol. 0, pages 89-105, May.

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