The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data
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How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of microeconomic data on households, we estimate the parameters of the demand for money derived from the generalized Baumol-Tobin model. Our data set contains information on average holdings of cash, on
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美国国家经济研究局创建时间：
1998-06-01
