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首页> 外文期刊>Journal of Economic Dynamics and Control >Welfare costs of inflation when interest-bearing deposits are disregarded: A calculation of the bias
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Welfare costs of inflation when interest-bearing deposits are disregarded: A calculation of the bias

机译：当不计息存款时的通胀福利成本：偏差的计算

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摘要

Most estimates of the welfare costs of inflation are devised considering only noninterest-bearing assets, ignoring that since the 1980s technological innovations and new regulations have increased the liquidity of interest-bearing deposits. We investigate the resulting bias. Sufficient and necessary conditions on its sign are presented, along with closed-form expressions for its magnitude. Two examples dealing with bidimensional bilogarithmic money demands show that disregarding interest-bearing monies may lead to a non-negligible overestimation of the welfare costs of inflation. An intuitive explanation is that such assets may partially make up for the decreased demand of noninterest-bearing assets due to higher inflation.
机译：对通货膨胀的福利成本的大多数估计是仅考虑非计息资产而设计的，而忽略了自1980年代以来的技术创新和新法规增加了计息存款的流动性。我们调查由此产生的偏差。给出了关于其符号的充分必要条件，以及其大小的闭式表达式。关于二维双对数货币需求的两个例子表明，无视计息货币可能导致对通货膨胀福利成本的不可忽视的高估。直观的解释是，由于通货膨胀率较高，此类资产可能部分弥补了无息资产需求的下降。

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