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Bailey's measure of the welfare costs of inflation as a general-equilibrium measure
Lucas (2000) has shown that Bailey’s formula for the welfare costs of inflation can be regarded as an approximation to the general-equilibrium measures that emerge from the Sidrauski and the shopping-time models. In this ...
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 ...
Inflation and income inequality: a shopping-time aproach: (Forthcoming, Journal of Development Economics)
(Fundação Getulio Vargas. Escola de Pós-graduação em Economia, 2004-09-01)
Our work is based on a simpliÖed heterogenous-agent shoppingtime economy in which economic agents present distinct productivities in the production of the consumption good, and di§erentiated access to transacting assets. ...