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The n-dimensional Bailey–Divisia measure as a general-equilibrium measure of the welfare costs of inflation

  • Cysne, Rubens Penha

This paper shows that in economies with several monies the Bailey–Divisia multidimensional consumers’ surplus formula may emerge as an exact general-equilibrium measure of the welfare costs of inflation, provided that preferences are quasilinear.

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File URL: http://www.sciencedirect.com/science/article/pii/S0165176511002436
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Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 113 (2011)
Issue (Month): 2 ()
Pages: 99-102

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Handle: RePEc:eee:ecolet:v:113:y:2011:i:2:p:99-102
Contact details of provider: Web page: http://www.elsevier.com/locate/ecolet

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  1. 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.
  2. Rubens Penha Cysne, 2001. "Divisia Index, Inflation and Welfare," Anais do XXIX Encontro Nacional de Economia [Proceedings of the 29th Brazilian Economics Meeting] 020, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
  3. Orazio Attanasio & Luigi Guiso & Tuillo Jappelli, 1998. "The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data," NBER Working Papers 6593, National Bureau of Economic Research, Inc.
  4. Rubens Penha Cysne, 2009. "Bailey's Measure of the Welfare Costs of Inflation as a General-Equilibrium Measure," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 41(2-3), pages 451-459, 03.
  5. Pedro Teles & Ruilin Zhou, 2005. "A stable money demand: Looking for the right monetary aggregate," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q I, pages 50-63.
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