Monetary aggregation, inflation, and welfare

Apostolos Serletis and Jagat Jit Virk

Applied Financial Economics, 2006, vol. 16, issue 7, 499-512

Abstract: The welfare implications of alternative monetary aggregation procedures are investigated by providing a comparison among simple-sum, Divisia, and currency equivalent monetary aggregates at different levels of monetary aggregation. Evidence is found that the choice of monetary aggregation procedure is crucial in evaluating the welfare cost of inflation.

Date: 2006
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Chapter: Monetary Aggregation, Inflation, and Welfare (2006)
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DOI: 10.1080/09603100600598064

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