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首页> 外文期刊>Macroeconomic dynamics >WELFARE COST OF INFLATION IN A GENERAL EQUILIBRIUM MODEL WITH CURRENCY AND INTEREST-BEARING DEPOSITS
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WELFARE COST OF INFLATION IN A GENERAL EQUILIBRIUM MODEL WITH CURRENCY AND INTEREST-BEARING DEPOSITS

机译：具有货币和利息存款的一般均衡模型中的福利通胀成本

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摘要

We generalize a money-in-the-utility function model to include interest-bearing deposits and use the model to estimate the welfare cost of inflation. In the model, the user cost of deposits is invariant to inflation in steady state. Currency and deposits are assumed to be weakly separable and the model is calibrated using index number methods. We find that the welfare cost of inflation is substantially lower in the model with interest-bearing deposits than in models where all monetary assets are assumed to be non-interest bearing. We also show that higher inflation can raise or lower the rate of convergence to steady state depending on the coefficient of relative risk aversion, but the effect is weak. We provide evidence for OECD countries suggesting that there could be a positive effect of inflation on user costs, which would lead to higher welfare cost estimates.
机译：我们对公用事业货币功能模型进行了概括，以包括计息存款，并使用该模型来估算通货膨胀的福利成本。在模型中，存款的用户成本与稳态下的通货膨胀率无关。假定货币和存款很难分开，并且使用指数法对模型进行了校准。我们发现，在有息存款的模型中，通货膨胀的福利成本要比假定所有货币资产均不计息的模型中的通货膨胀的福利成本低得多。我们还表明，较高的通货膨胀率可以提高或降低收敛至稳态的速度，具体取决于相对风险规避的系数，但效果较弱。我们为经合组织国家提供的证据表明，通货膨胀对用户成本可能产生积极影响，这将导致更高的福利成本估算。

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