Welfare characterization of monetary-applied models and three implications
Autor(a) principal: | |
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Data de Publicação: | 2000 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/12317 |
Resumo: | This paper demonstrates that the applied monetary mo deIs - the Sidrauski-type models and the cash-in-advance models, augmented with a banking sector that supplies money substitutes services - imply trajectories which are P8,reto-Optimum restricted to a given path of the real quantity of money. As a consequence, three results follow: First, Bailey's formula to evaluate the wclfare cost of inflation is indeed accurate, if the long-run capital stock does not depend on the inflation rate and if the compensate demand is considered. Second, the relevant money demand concept for this issue - the impact of inflation on welfare - is the monetary base, Third, if the long-run capital stock depends on the inflation rate, this dependence has a second-order impact ou wclfare, and, conceptually, it is not a distortion from tite social point of vicw. These three implications moderatc some evaluations of the wclfare cost of the perfect predicted inflation. |
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Pessôa, Samuel de AbreuEscolas::EPGEFGV2014-10-31T13:50:58Z2014-10-31T13:50:58Z2000-08-03http://hdl.handle.net/10438/12317This paper demonstrates that the applied monetary mo deIs - the Sidrauski-type models and the cash-in-advance models, augmented with a banking sector that supplies money substitutes services - imply trajectories which are P8,reto-Optimum restricted to a given path of the real quantity of money. As a consequence, three results follow: First, Bailey's formula to evaluate the wclfare cost of inflation is indeed accurate, if the long-run capital stock does not depend on the inflation rate and if the compensate demand is considered. Second, the relevant money demand concept for this issue - the impact of inflation on welfare - is the monetary base, Third, if the long-run capital stock depends on the inflation rate, this dependence has a second-order impact ou wclfare, and, conceptually, it is not a distortion from tite social point of vicw. These three implications moderatc some evaluations of the wclfare cost of the perfect predicted inflation.engEscola de Pós-Graduação em Economia da FGVSeminários de pesquisa econômica da EPGETodo cuidado foi dispensado para respeitar os direitos autorais deste trabalho. Entretanto, caso esta obra aqui depositada seja protegida por direitos autorais externos a esta instituição, contamos com a compreensão do autor e solicitamos que o mesmo faça contato através do Fale Conosco para que possamos tomar as providências cabíveisinfo:eu-repo/semantics/openAccessWelfare characterization of monetary-applied models and three implicationsinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaMoeda - Modelos matemáticosreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVORIGINAL000302952.pdf000302952.pdfapplication/pdf1312319https://repositorio.fgv.br/bitstreams/af2d1805-d388-4f81-9e1d-60e470125a60/download999daae1c02abf303cd41bdf57330cf6MD51LICENSElicense.txtlicense.txttext/plain; charset=utf-84707https://repositorio.fgv.br/bitstreams/5b32524a-65d4-4f74-8a13-3ea608a6003f/downloaddfb340242cced38a6cca06c627998fa1MD52TEXT000302952.pdf.txt000302952.pdf.txtExtracted 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dc.title.eng.fl_str_mv |
Welfare characterization of monetary-applied models and three implications |
title |
Welfare characterization of monetary-applied models and three implications |
spellingShingle |
Welfare characterization of monetary-applied models and three implications Pessôa, Samuel de Abreu Economia Moeda - Modelos matemáticos |
title_short |
Welfare characterization of monetary-applied models and three implications |
title_full |
Welfare characterization of monetary-applied models and three implications |
title_fullStr |
Welfare characterization of monetary-applied models and three implications |
title_full_unstemmed |
Welfare characterization of monetary-applied models and three implications |
title_sort |
Welfare characterization of monetary-applied models and three implications |
author |
Pessôa, Samuel de Abreu |
author_facet |
Pessôa, Samuel de Abreu |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Escolas::EPGE |
dc.contributor.affiliation.none.fl_str_mv |
FGV |
dc.contributor.author.fl_str_mv |
Pessôa, Samuel de Abreu |
dc.subject.area.por.fl_str_mv |
Economia |
topic |
Economia Moeda - Modelos matemáticos |
dc.subject.bibliodata.por.fl_str_mv |
Moeda - Modelos matemáticos |
description |
This paper demonstrates that the applied monetary mo deIs - the Sidrauski-type models and the cash-in-advance models, augmented with a banking sector that supplies money substitutes services - imply trajectories which are P8,reto-Optimum restricted to a given path of the real quantity of money. As a consequence, three results follow: First, Bailey's formula to evaluate the wclfare cost of inflation is indeed accurate, if the long-run capital stock does not depend on the inflation rate and if the compensate demand is considered. Second, the relevant money demand concept for this issue - the impact of inflation on welfare - is the monetary base, Third, if the long-run capital stock depends on the inflation rate, this dependence has a second-order impact ou wclfare, and, conceptually, it is not a distortion from tite social point of vicw. These three implications moderatc some evaluations of the wclfare cost of the perfect predicted inflation. |
publishDate |
2000 |
dc.date.issued.fl_str_mv |
2000-08-03 |
dc.date.accessioned.fl_str_mv |
2014-10-31T13:50:58Z |
dc.date.available.fl_str_mv |
2014-10-31T13:50:58Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
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article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10438/12317 |
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http://hdl.handle.net/10438/12317 |
dc.language.iso.fl_str_mv |
eng |
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eng |
dc.relation.ispartofseries.por.fl_str_mv |
Seminários de pesquisa econômica da EPGE |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
publisher.none.fl_str_mv |
Escola de Pós-Graduação em Economia da FGV |
dc.source.none.fl_str_mv |
reponame:Repositório Institucional do FGV (FGV Repositório Digital) instname:Fundação Getulio Vargas (FGV) instacron:FGV |
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FGV |
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FGV |
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Repositório Institucional do FGV (FGV Repositório Digital) |
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