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- Welfare_cost_of_inflation abstract "In macroeconomics, the welfare cost of inflation refers to the analyses of changes in social welfare caused by inflation. The traditional approach, developed by Bailey (1956) and Friedman (1969), treats real money balances as a consumption good and inflation as a tax on real balances. This approach measures the welfare cost by computing the appropriate area under the money demand curve. Fischer (1981) and Lucas (1981), find the cost of inflation to be low. Fischer computes the deadweight loss generated by an increase in inflation from zero to 10 percent as just 0.3 percent of GDP using the monetary base as the definition of money. Lucas places the cost of a 10 percent inflation at 0.45 percent of GDP using M1 as the measure of money. Lucas (2000) revised his estimate upward, to slightly less than 1 percent of GDP. Ireland (2009) extends this line of analysis to study the recent behavior of U.S. money demand.Structural models are a recent alternative to econometric estimates of the triangle under an estimated money demand curve. Cooley and Hansen (1989) calibrate a cash-in-advance version of a business cycle model. They find that the welfare cost of 10 per cent inflation is about 0.4 per cent of GNP. Among recent general-equilibrium models that estimate the welfare cost of inflation are Dotsey and Ireland (1996), Aiyagari, Braun, and Eckstein (1998), Burstein and Hellwig (2008), and Henriksen and Kydland (2010).Craig and Rocheteau (2008) argue that a search-theoretic framework is necessary for appropriately measuring the welfare cost of inflation. Lagos and Wright (2005) model monetary exchange and provide estimates for the annual cost of 10 percent inflation to be between 3 and 4 percent of GDP.".
- Welfare_cost_of_inflation wikiPageID "27745133".
- Welfare_cost_of_inflation wikiPageLength "5766".
- Welfare_cost_of_inflation wikiPageOutDegree "24".
- Welfare_cost_of_inflation wikiPageRevisionID "607228540".
- Welfare_cost_of_inflation wikiPageWikiLink Calibrate.
- Welfare_cost_of_inflation wikiPageWikiLink Calibration.
- Welfare_cost_of_inflation wikiPageWikiLink Cash-in-advance_constraint.
- Welfare_cost_of_inflation wikiPageWikiLink Category:Business_cycle.
- Welfare_cost_of_inflation wikiPageWikiLink Category:Economics_of_uncertainty.
- Welfare_cost_of_inflation wikiPageWikiLink Category:Inflation.
- Welfare_cost_of_inflation wikiPageWikiLink Category:Macroeconomics.
- Welfare_cost_of_inflation wikiPageWikiLink Category:Welfare_economics.
- Welfare_cost_of_inflation wikiPageWikiLink Consumption_(economics).
- Welfare_cost_of_inflation wikiPageWikiLink Deadweight_loss.
- Welfare_cost_of_inflation wikiPageWikiLink Demand_curve.
- Welfare_cost_of_inflation wikiPageWikiLink Finn_E._Kydland.
- Welfare_cost_of_inflation wikiPageWikiLink Finn_Kydland.
- Welfare_cost_of_inflation wikiPageWikiLink Inflation.
- Welfare_cost_of_inflation wikiPageWikiLink Macroeconomics.
- Welfare_cost_of_inflation wikiPageWikiLink Martin_J._Bailey.
- Welfare_cost_of_inflation wikiPageWikiLink Milton_Friedman.
- Welfare_cost_of_inflation wikiPageWikiLink Monetary_base.
- Welfare_cost_of_inflation wikiPageWikiLink Money_supply.
- Welfare_cost_of_inflation wikiPageWikiLink Randall_Wright.
- Welfare_cost_of_inflation wikiPageWikiLink Robert_Lucas,_Jr..
- Welfare_cost_of_inflation wikiPageWikiLink Search_theory.
- Welfare_cost_of_inflation wikiPageWikiLink Stanley_Fischer.
- Welfare_cost_of_inflation wikiPageWikiLink Tax.
- Welfare_cost_of_inflation wikiPageWikiLink Thomas_F._Cooley.
- Welfare_cost_of_inflation wikiPageWikiLink Welfare_economics.
- Welfare_cost_of_inflation wikiPageWikiLinkText "Welfare cost of inflation".
- Welfare_cost_of_inflation hasPhotoCollection Welfare_cost_of_inflation.
- Welfare_cost_of_inflation wikiPageUsesTemplate Template:Citation.
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- Welfare_cost_of_inflation wikiPageUsesTemplate Template:Cite_journal.
- Welfare_cost_of_inflation wikiPageUsesTemplate Template:Refbegin.
- Welfare_cost_of_inflation wikiPageUsesTemplate Template:Refend.
- Welfare_cost_of_inflation wikiPageUsesTemplate Template:Reflist.
- Welfare_cost_of_inflation subject Category:Business_cycle.
- Welfare_cost_of_inflation subject Category:Economics_of_uncertainty.
- Welfare_cost_of_inflation subject Category:Inflation.
- Welfare_cost_of_inflation subject Category:Macroeconomics.
- Welfare_cost_of_inflation subject Category:Welfare_economics.
- Welfare_cost_of_inflation type Indicator.
- Welfare_cost_of_inflation type Microeconomic.
- Welfare_cost_of_inflation type Socioeconomic.
- Welfare_cost_of_inflation comment "In macroeconomics, the welfare cost of inflation refers to the analyses of changes in social welfare caused by inflation. The traditional approach, developed by Bailey (1956) and Friedman (1969), treats real money balances as a consumption good and inflation as a tax on real balances. This approach measures the welfare cost by computing the appropriate area under the money demand curve. Fischer (1981) and Lucas (1981), find the cost of inflation to be low.".
- Welfare_cost_of_inflation label "Welfare cost of inflation".
- Welfare_cost_of_inflation sameAs m.0cc5kky.
- Welfare_cost_of_inflation sameAs Q7980954.
- Welfare_cost_of_inflation sameAs Q7980954.
- Welfare_cost_of_inflation wasDerivedFrom Welfare_cost_of_inflation?oldid=607228540.
- Welfare_cost_of_inflation isPrimaryTopicOf Welfare_cost_of_inflation.