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| Author: | Aiyagari, R. |
| Title: | Transaction services, inflation and welfare |
| Journal: | Journal of Political Economy
1998 : DEC, VOL. 106:6, p. 1274-1301 |
| Index terms: | POLITICAL ECONOMY INFLATION WELFARE |
| Language: | eng |
| Abstract: | This paper is motivated by empirical observations on the comovements of currency velocity, inflation, and the relative size of the credit services sector. The authors document these comovements and incorporate into a monetary growth model a credit services sector that provides services that help people economize on money. The model makes two new contributions. The authors show that direct evidence on the appropriately defined credit service sector for the US is consistent with the welfare cost measured using an estimated money demand schedule. |
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