Utilize este identificador para referenciar este registo: http://hdl.handle.net/10362/14950
Título: Rebalancing frequency and the welfare cost of inflation
Autor: Silva, André Castro
Data: 2012
Editora: American Economic Association
Resumo: 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 references, to different compositions of income in bonds or money, and to the introduction of capital and labor.
Peer review: yes
URI: http://hdl.handle.net/10362/14950
DOI: http : //dx.doi.org/10.1257/mac.4.2.153
Aparece nas colecções:Nova Finance Center

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