This paper surveys research on the welfare cost of inflation. New estimates are provided,
based on US time series for 1900–94, interpreted in a variety of ways. It is estimated that the …

The paper formulates a nesting model for studying the theoretical literature on inflation and
endogenous growth. It analyses different classes of endogenous growth models, with …

Evidence on the portfolio holdings and transaction patterns of households suggests that the
burden of inflation is not evenly distributed. We build a monetary growth model consistent …

This paper investigates the relationship between inflation and output in the context of an
economy facing persistent high inflation. By analyzing the case of Brazil, we find that …

This paper presents a general equilibrium monetary model in which inflation distorts a
variety of marginal decisions. Although individually none of the distortions is very large, they …

We argue that the relevant monetary decision for the majority of US households is not the
fraction of assets to be held in interest-bearing form, but whether to hold any such assets at …

Traditionally the cost of expected inflation has been seen as theshoeleather cost'of going to
the bank more often. This paper focuses on the other side of these transactions–ie, on the …

1. Introduction This paper provides new estimates of the welfare cost of inflation in the US
economy. The estimation is based on exactly the thought-experiment underlying Bailey's …

Macroeconomics for Developing Countries presents a comprehensive study of the tools of
macroeconomic analysis with particular emphasis on their application in Developing …

This paper is motivated by empirical observations on the comovements of currency velocity,
inflation, and the relative size of the credit services sector. We document these …