Monetary aggregation, inflation, and welfare

• Autores: A. Serletis, Jagat Jit Virk
• Localización: Applied financial economics, ISSN 0960-3107, Vol. 16, Nº. 7, 2006, págs. 499-512
• Idioma: inglés
• DOI: 10.1080/09603100600598064
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• Resumen

  • 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.