Holdings: Measuring welfare cost of inflation

Measuring welfare cost of inflation: study in generalized general equilibrium models

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Bibliographic Details
Main Author:	Wang, Lian (Author)
Format:	Book
Language:	English
Published:	Saarbrücken VDM Verlag Dr. Müller [2008?]
Online Access:	Inhaltsverzeichnis
Item Description:	Literaturverz. S. 200 - 208. - Hergestellt on demand
Physical Description:	XIV, 208 S. graph. Darst. 24 cm
ISBN:	9783836455251

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adam_text	TABLE OF CONTENTS ABSTRACT I ACKNOWLEDGEMENTS V LIST OF TABLES X LIST OF FIGURES XIII CHAPTER I: MOTIVATION AND LITERATURE REVIEWI I-L INTRODUCTION 1 1-2 COST OF INFLATION, WELFARE, AND INTEREST-BEARING MONEY 4 1-2-1 THE SOURCES OF THE COST OF INFLATION 4 1-2-2 MEASURING THE COST OF INFLATION 9 1-2-3 MEASURING THE COST OF INFLATION USING GENERAL EQUILIBRIUM MODELS 12 1-3 MODELING FINANCIAL INTERMEDIARIES 19 1-3-1 THE ROLE OF FINANCIAL INTERMEDIARIES 19 1-3-2 APPROACHES TO MODEL FINANCIAL INTERMEDIARIES 22 A. LIQUIDITY EFFECT 22 B. BORROWING CONSTRAINT AND CREDIT RATIONING 24 C. INSIDE MONEY AND OUTSIDE MONEY 25 1-4 OBJECTIVES AND APPROACHES 27 CHAPTER II: WELFARE COST OF INFLATION IN A GENERAL EQUILIBRIUM MODEL WITH CURRENCY AND INTEREST-BEARING DEPOSIT 30 II-L INTRODUCTION 30 II-2 MONEY-IN-THE-UTILITY FUNCTION MODEL 33 II-2-1 UTILITY MAXIMIZING HOUSEHOLD 33 II-2-2 PROFIT MAXIMIZING GOODS PRODUCERS 36 II-2-3 PROFIT MAXIMIZING FINANCIAL SERVICE PRODUCERS 36 II-2-4 GENERAL EQUILIBRIUM CONDITIONS IN STEADY STATE 37 II-2-5 IMPACT OF THE RATE OF INFLATION ON STEADY STATE 38 II-3 THE WELFARE COST OF INFLATION 41 II-3-1 FUNCTIONAL FORMS 42 II-3-2 STEADY STATE 45 II-3-3 CALIBRATION 46 II-3-4 WELFARE COST ESTIMATES 50 II-3-5 ESTIMATES FROM THE GENERAL MODEL 51 II-3- BIBLIOGRAFISCHE INFORMATIONEN HTTP://D-NB.INFO/988032147 DIGITALISIERT DURCH II-3-7 ESTIMATES FROM THE MODEL WITH ONLY NON-INTEREST-BEARING MONEY 54 II-4 TRANSITION DYNAMICS AND THE WELFARE COST ON THE TRANSITION PATH 58 II-5 EXTENSIONS OF THE MODEL 61 II-6 EMPIRICAL DISCUSSION 64 II-6-1 DATA DESCRIPTION 64 II-6-2 MODEL DESCRIPTION 66 II-6-3 RESULTS 66 II-7 CONCLUSIONS 68 CHAPTER II APPENDIX 70 CHAPTER HI: THE EFFECT OF RESERVE REQUIREMENTS AND EXCESS RESERVES ON THE WELFARE COST OF INFLATION 86 III-L INTRODUCTION 86 III-2 THEORETICAL ANALYSIS 88 III-2-1 GENERAL MODEL STRUCTURE 88 A. THE HOUSEHOLD 88 B. GOODS-PRODUCING FIRM 92 C. BANKING SECTOR 93 D. MONEY SUPPLY AND NOMINAL INTEREST RATES ON GOVERNMENT BONDS 95 E. EQUILIBRIUM 96 F. STEADY STATE AND COMPARATIVE STATIC 97 III-2-2 TWO SIMPLIFICATIONS 101 A. PERFECT SUBSTITUTION AMONG THE SUPPLIES OF THE MONETARY ASSETS 101 B. ONE DEPOSIT 105 III-2-3 CONCLUSIONS 107 III-3 CLOSED FORM SOLUTION 108 III-3-1 FUNCTIONAL FORMS 108 III-3-2 STEADY STATE 110 III-4 CALIBRATION 112 III-4-1 CALIBRATION OF PARAMETERS IN THE BANKING SECTOR 112 A. DATA SOURCES 112 B. MODEL DESCRIPTION 114 C. DATA MANIPULATION 116 D. RESULTS 117 E. CALIBRATION OF RESERVE REQUIREMENTS 118 F. CALIBRATION OF X 2 118 III-4-2 CALIBRATION OF OTHER PARAMETERS 119 III- III-5-4 THE CONSUMPTION EFFECT 125 III-5 CONCLUSIONS 128 CHAPTER IV: AN EMPIRICAL INVESTIGATION: USER COST OF MONETARY ASSETS AND INFLATION 153 IV-1 INTRODUCTION 153 IV-2 MODEL SPECIFICATION AND METHODOLOGY OF ESTIMATION 161 IV-2-1 ONE THRESHOLD 161 A. SPECIFICATION 161 B. ESTIMATION METHOD 163 C. INFERENCE 164 IV-2-2 TWO THRESHOLD 166 A. SPECIFICATION 166 B. ESTIMATION METHOD 168 C. INFERENCE 169 IV-3DATA 170 IV-4 RESULTS 173 IV-4-1 OECD COUNTRIES 173 IV-4-2 ALL COUNTRIES 175 IV-5 INTERPRETATIONS 177 IV-6 CONCLUSIONS 183 CHAPTER IV APPENDIX 186 CHAPTER V: CONCLUSIONS 193 BIBLIOGRAPHY 200 IX
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spelling	Wang, Lian Verfasser aut Measuring welfare cost of inflation study in generalized general equilibrium models Lian Wang Saarbrücken VDM Verlag Dr. Müller [2008?] XIV, 208 S. graph. Darst. 24 cm txt rdacontent n rdamedia nc rdacarrier Literaturverz. S. 200 - 208. - Hergestellt on demand DNB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018619817&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis
spellingShingle	Wang, Lian Measuring welfare cost of inflation study in generalized general equilibrium models
title	Measuring welfare cost of inflation study in generalized general equilibrium models
title_auth	Measuring welfare cost of inflation study in generalized general equilibrium models
title_exact_search	Measuring welfare cost of inflation study in generalized general equilibrium models
title_full	Measuring welfare cost of inflation study in generalized general equilibrium models Lian Wang
title_fullStr	Measuring welfare cost of inflation study in generalized general equilibrium models Lian Wang
title_full_unstemmed	Measuring welfare cost of inflation study in generalized general equilibrium models Lian Wang
title_short	Measuring welfare cost of inflation
title_sort	measuring welfare cost of inflation study in generalized general equilibrium models
title_sub	study in generalized general equilibrium models
url	http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=018619817&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA
work_keys_str_mv	AT wanglian measuringwelfarecostofinflationstudyingeneralizedgeneralequilibriummodels

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