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A general-equilibrium closed-form solution to the welfare costs of inflation (Forthcoming, Revista Brasileira de Economia)
(Escola de Pós-Graduação em Economia da FGV, 2004-08-01)
This work presents closed-form solutions to Lucasís (2000) generalequilibrium expression for the welfare costs of ináation, as well as to the di§erence between the general-equlibrium measure and Baileyís (1956) partial-equilibrium ...
Two additions to Lucas's 'inflation and welfare'
(Escola de Pós-Graduação em Economia da FGV, 2004-04-01)
This work adds to Lucas (2000) by providing analytical solutions to two problems that are solved only numerically by the author. The first part uses a theorem in control theory (Arrow' s sufficiency theorem) to provide ...
Divisia indexes, money and welfare
(Escola de Pós-Graduação em Economia da FGV, 2000-07-01)
We suggest the use of a particular Divisia index for measuring welfare losses due to interest rate wedges and in‡ation. Compared to the existing options in the literature: i) when the demands for the monetary assets are ...