Divisia Index, Inflation, and Welfare
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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Volume (Year): 35 (2003)
Issue (Month): 2 (April)
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