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Divisia Index, Inflation and Welfare

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  • Rubens Penha Cysne

    (FGV/RJ)

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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Suggested Citation

  • 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 Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  • Handle: RePEc:anp:en2001:020
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    File URL: http://www.anpec.org.br/encontro2001/artigos/200102180.pdf
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    Cited by:

    1. Cysne, Rubens Penha, 2004. "Solving the non-convexity problem in some shopping-time and human-capital models," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 567, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    2. Belongia, Michael T. & Ireland, Peter N., 2014. "The Barnett critique after three decades: A New Keynesian analysis," Journal of Econometrics, Elsevier, vol. 183(1), pages 5-21.
    3. 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.
    4. Cysne, Rubens Penha & Maldonado, Wilfredo Fernando Leiva & Monteiro, P. K., 2004. "Inflation and income inequality: a shopping-time aproach: (Forthcoming, Journal of Development Economics)," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 566, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    5. Cysne, Rubens Penha, 2004. "An intra-household approach to the welfare costs of inflation," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 521, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    6. Lee, Manjong, 2014. "Constrained or unconstrained price for debit card payment?," Journal of Macroeconomics, Elsevier, vol. 41(C), pages 53-65.
    7. 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.
    8. Cysne, Rubens Penha, 2006. "An intra-household approach to the welfare costs of inflation (Revised Version, Forthcoming 2006, Estudos Econômicos)," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 612, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    9. André C. Silva, 2012. "Rebalancing Frequency and the Welfare Cost of Inflation," American Economic Journal: Macroeconomics, American Economic Association, vol. 4(2), pages 153-183, April.
    10. Cysne, Rubens Penha, 2011. "The n-dimensional Bailey–Divisia measure as a general-equilibrium measure of the welfare costs of inflation," Economics Letters, Elsevier, vol. 113(2), pages 99-102.
    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. 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.
    13. Manjong Lee & Sung Guan Yun, 2014. "Composition of Portfolio and Cost of Inflation," Discussion Paper Series 1403, Institute of Economic Research, Korea University.
    14. Cysne, Rubens Penha & Turchick, David, 2008. "On the consistency of arbitrary money-demand functions with the Sidrauski and the shopping-time models," FGV/EPGE Economics Working Papers (Ensaios Economicos da EPGE) 666, FGV/EPGE - Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
    15. 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.
    16. 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.

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