Publicação
Rebalancing frequency and the welfare cost of inflation
| dc.contributor.author | Silva, André C. | |
| dc.contributor.institution | NOVA School of Business and Economics (NOVA SBE) | |
| dc.contributor.pbl | American Economic Association | |
| dc.date.accessioned | 2017-11-20T23:00:55Z | |
| dc.date.available | 2017-11-20T23:00:55Z | |
| dc.date.issued | 2012-01-01 | |
| dc.description | WOS:000302552800006 | |
| dc.description.abstract | Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods. Every month or quarter, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose how often they exchange bonds for money. In the benchmark specification, the welfare cost of 10 percent instead of 0 inflation increases from 0.1 percent of income with fixed periods to 1 percent with optimal periods. The results are robust to different preferences, to different compositions of income in bonds or money, and to the introduction of capital and labor. | en |
| dc.description.version | publishersversion | |
| dc.description.version | published | |
| dc.format.extent | 1005103 | |
| dc.identifier.doi | 10.1257/mac.4.2.153 | |
| dc.identifier.issn | 1945-7707 | |
| dc.identifier.other | PURE: 334974 | |
| dc.identifier.other | PURE UUID: bfe20ba5-7649-4760-80b1-6bc7f5f28131 | |
| dc.identifier.other | researchoutputwizard: 37967 | |
| dc.identifier.other | WOS: 000302552800006 | |
| dc.identifier.other | Scopus: 84864990566 | |
| dc.identifier.other | ORCID: /0000-0002-4907-038X/work/77409909 | |
| dc.identifier.uri | http://hdl.handle.net/10362/25566 | |
| dc.language.iso | eng | |
| dc.peerreviewed | yes | |
| dc.subject | Transactions demand | |
| dc.subject | Interest-rates | |
| dc.subject | Money demand | |
| dc.title | Rebalancing frequency and the welfare cost of inflation | en |
| dc.type | journal article | |
| degois.publication.firstPage | 153 | |
| degois.publication.issue | 2 | |
| degois.publication.lastPage | 183 | |
| degois.publication.title | American Economic Journal: Macroeconomics | |
| degois.publication.volume | 4 | |
| dspace.entity.type | Publication | |
| rcaap.rights | openAccess |
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