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WeIfare costs of inflation the case for interest-bearing money and empiricaI Estimates for Brazil

Simonsen, Mario Henrique; Cysne, Rubens Penha
1994-09-22

We provide in this paper a closed fonn for the Welfare Cost of Inflation which we prove to be closer than Bailey's expression to the correct solution of the corresponding non-separable differential equation. Next, we extend ...