Divisia broad money, financial regulation and the welfare cost of inflation

David Barlow

Economics Letters, 2025, vol. 255, issue C

Abstract: This paper argues that the welfare gains from reduced inflation calculated using Divisia broad money is biased upwards by the exclusion of Money Market Deposit Accounts from the Divisia index in the late 1970s and early 1980s.

Keywords: Divisia money; Money demand; Inflation; Missing money (search for similar items in EconPapers)
JEL-codes: E31 E41 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ecolet:v:255:y:2025:i:c:s0165176525004124

DOI: 10.1016/j.econlet.2025.112575

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