Bailey's rule for the welfare of inflation: a theoretical foundation

Detalhes bibliográficos
Autor(a) principal: Pessôa, Samuel de Abreu
Data de Publicação: 1999
Tipo de documento: Artigo
Idioma: eng
Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
Texto Completo: http://hdl.handle.net/10438/658
Resumo: This paper demonstrates that for a very general class of monetary models (the Sidrauski type models and the cash-in-advance models), Bailey’s rule to evaluate the welfare efect of infation is in deed accurate. The result applies for any technology or preference, if the long-run capital stock does not depend on the ination rate. In general, a dynamic version of Bailey’s rule is established. In particular, the result extends to models in which there is a banking sector that supplies money substitutes services. A dditionally, it is argued that the relevant money demand concept for this issue- the impact of in ination under welfare- is the monetary base.
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spelling Pessôa, Samuel de AbreuEscolas::EPGEFGV2008-05-13T15:29:27Z2010-09-23T18:57:13Z2008-05-13T15:29:27Z2010-09-23T18:57:13Z1999-12-010104-8910http://hdl.handle.net/10438/658This paper demonstrates that for a very general class of monetary models (the Sidrauski type models and the cash-in-advance models), Bailey’s rule to evaluate the welfare efect of infation is in deed accurate. The result applies for any technology or preference, if the long-run capital stock does not depend on the ination rate. In general, a dynamic version of Bailey’s rule is established. In particular, the result extends to models in which there is a banking sector that supplies money substitutes services. A dditionally, it is argued that the relevant money demand concept for this issue- the impact of in ination under welfare- is the monetary base.engEscola de Pós-Graduação em Economia da FGVEnsaios Econômicos;363Bailey's rule for the welfare of inflation: a theoretical foundationinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleEconomiaEconomiareponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVinfo:eu-repo/semantics/openAccessTHUMBNAIL1212.pdf.jpg1212.pdf.jpgGenerated Thumbnailimage/jpeg4228https://repositorio.fgv.br/bitstreams/df2f7f67-aa10-45f1-843c-156212ef44e1/downloada9b376f3cd30bc4f9cfb9888e5ae37caMD58ORIGINAL1212.pdfapplication/pdf550350https://repositorio.fgv.br/bitstreams/85f27703-aa96-4657-b5f9-f501ab1d97b6/download47f4562fe5df0b93e582ca9a6cda7d67MD52TEXT1212.pdf.txt1212.pdf.txtExtracted texttext/plain66079https://repositorio.fgv.br/bitstreams/24a337f2-5353-4f2f-9e1f-48c6796fa43c/downloadde43007d18557e1bce10631bd232b04fMD5710438/6582023-11-09 17:55:00.931open.accessoai:repositorio.fgv.br:10438/658https://repositorio.fgv.brRepositório InstitucionalPRIhttp://bibliotecadigital.fgv.br/dspace-oai/requestopendoar:39742023-11-09T17:55Repositório Institucional do FGV (FGV Repositório Digital) - Fundação Getulio Vargas (FGV)false
dc.title.eng.fl_str_mv Bailey's rule for the welfare of inflation: a theoretical foundation
title Bailey's rule for the welfare of inflation: a theoretical foundation
spellingShingle Bailey's rule for the welfare of inflation: a theoretical foundation
Pessôa, Samuel de Abreu
Economia
Economia
title_short Bailey's rule for the welfare of inflation: a theoretical foundation
title_full Bailey's rule for the welfare of inflation: a theoretical foundation
title_fullStr Bailey's rule for the welfare of inflation: a theoretical foundation
title_full_unstemmed Bailey's rule for the welfare of inflation: a theoretical foundation
title_sort Bailey's rule for the welfare of inflation: a theoretical foundation
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
Economia
dc.subject.bibliodata.por.fl_str_mv Economia
description This paper demonstrates that for a very general class of monetary models (the Sidrauski type models and the cash-in-advance models), Bailey’s rule to evaluate the welfare efect of infation is in deed accurate. The result applies for any technology or preference, if the long-run capital stock does not depend on the ination rate. In general, a dynamic version of Bailey’s rule is established. In particular, the result extends to models in which there is a banking sector that supplies money substitutes services. A dditionally, it is argued that the relevant money demand concept for this issue- the impact of in ination under welfare- is the monetary base.
publishDate 1999
dc.date.issued.fl_str_mv 1999-12-01
dc.date.accessioned.fl_str_mv 2008-05-13T15:29:27Z
2010-09-23T18:57:13Z
dc.date.available.fl_str_mv 2008-05-13T15:29:27Z
2010-09-23T18:57:13Z
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dc.identifier.uri.fl_str_mv http://hdl.handle.net/10438/658
dc.identifier.issn.none.fl_str_mv 0104-8910
identifier_str_mv 0104-8910
url http://hdl.handle.net/10438/658
dc.language.iso.fl_str_mv eng
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dc.relation.ispartofseries.por.fl_str_mv Ensaios Econômicos;363
dc.rights.driver.fl_str_mv info:eu-repo/semantics/openAccess
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dc.publisher.none.fl_str_mv Escola de Pós-Graduação em Economia da FGV
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