منابع مشابه
Money, liquidity and welfare
This paper develops an analytically tractable Bewley model of money demand to shed light on some important questions in monetary theory, such as the welfare cost of inflation. It is shown that when money is a vital form of liquidity to meet uncertain consumption needs, the welfare costs of inflation can be extremely large. With log utility and parameter values that best match both the aggregate...
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The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve’s H.6 sta...
متن کاملMoney, price dispersion and welfare
We introduce heterogeneous preferences into a tractablemodel ofmonetary search to generate price dispersion, and then examine the effects of money growth on price dispersion and welfare. With buyers’ search intensity fixed, we find that money growth increases the range of (real) prices and lowers welfare as agents shift more of their consumption to less desirable goods.When buyers’search intens...
متن کاملMarshallian Money, Welfare, and Side-Payments
A link between a no-side-payment (NSP) market game and a sidepayment (SP) market game can be established by introducing a sufficient amount of an ideal utility-money of constant marginal utility to all agents. At some point when there is “enough money” in the system, if it is “well distributed” the new game will be a SP game. This game can also be related to a pure NSP game where a set of defau...
متن کاملWelfare and Comfort in Dairy Cattle: Indexes and Economic Impact
Cattle comfort is one of the main factors which influence profitability of dairy farms due to its association with involuntary culling, cow longevity, and productive life. Productive life has been defined as the number of lactations a cow completes before she is culled. A productive cow that remains longer in a farm allows for fixed and variable costs to be diluted. Furthermore, fewer replaceme...
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ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2000
ISSN: 1556-5068
DOI: 10.2139/ssrn.2392305