Aiyagari, S. Rao; Braun, R. Anton; Eckstein, Zvi - Federal Reserve Bank of Minneapolis - 1995
This paper is motivated by a variety of empirical observations on the comovements of currency velocity, inflation, and … new contributions. The first is to show that direct quantitative evidence on the welfare cost of low inflation using … cost of inflation estimates over a range of inflation rates which have some new features. We find that the total welfare …