Now showing items 1-4 of 4
Money supply and capital accumulation on the transition path revisited
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2010-02-22)
Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a CRRA utility (based on a Cobb-Douglas and a ...
Welfare costs of inflation when interest-bearing deposits are disregarded: a calculation of the bias
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2010-01-07)
Most estimates of the welfare costs of in ation are devised considering only noninterest- bearing assets, ignoring that since the 80s technological innovations and new regulations have increased the liquidity of interest-bearing ...
On the consistency of arbitrary money-demand functions with the Sidrauski and the shopping-time models
(Escola de Pós-Graduação em Economia da FGV, 2008-01-01)
This paper investigates which properties money-demand functions have to satisfy to be consistent with multidimensional extensions of Lucasí(2000) versions of the Sidrauski (1967) and the shopping-time models. We also ...
An ordering of measures of the welfare cost of inflation in economies with interest-bearing deposits
(Escola de Pós-Graduação em Economia, 2007-12-01)
This paper builds on Lucas (2000) and on Cysne (2003) to derive and order six alternative measures of the welfare costs of inflation (five of which already existing in the literature) for any vector of opportunity costs. ...