期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：Estimates of the welfare costs of ination based on Bailey (1956) are typi- cally computed using aggregate money demand models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of ina- tion regime shifts may di¤er between households and rms. We speci cally investigate the sectoral welfare implications of the shift from the Great Ina- tion to the present regime of low and stable ination. For this purpose, we estimate di¤erent functional speci cations of money demand for US house- holds and non- nancial rms using ow-of-fund data covering four decades. We nd that the bene ts were signi cant for both sectors.
关键词：welfare cost of ination; ow of funds data; demand for money.
