| Author: | Cysne, R. P. |
| Title: | A note on the integrability of partial-equilibrium measures of the welfare costs of inflation |
| Journal: | Journal of Banking and Finance
2002 : DEC, VOL. 26:12, p. 2357-2364 |
| Index terms: | INFLATION WELFARE COSTS EQUILIBRIUM ANALYSIS |
| Language: | eng |
| Abstract: | This work investigates the integrability of multidimensional partial-equilibrium measures of the welfare costs of inflation. Such measures, which in a certain way extend Bailey's (1956) seminal contribution, are particularly aimed at economies where more than one asset performs monetary functions. They have been used in the literature though, without an explicit concern about the issue of path independence, as well as the issue of how the demands for the respective monetary assets are derived. By showing how this can be done and under what conditions these measures are well defined, their applicability is strengthened. |
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