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The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation : an Analysis with Household Data
Attanasio, Orazio; Guiso, Luigi; Jappelli, Tuillo - 2021
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...
Persistent link: https://www.econbiz.de/10013220397
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Financial Innovation and the Transactions Demand for Cash
Alvarez, Fernando - 2012
We document cash management patterns for households that are at odds with the predictions of deterministic inventory models that abstract from precautionary motives. We extend the Baumol-Tobin cash inventory model to a dynamic environment that allows for the possibility of withdrawing cash at...
Persistent link: https://www.econbiz.de/10012755329
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Fiscal Rules in India : Are They Effective?
Buiter, Willem H. - 2010
This paper, a chapter in the forthcoming Oxford University Press Handbook of the Indian Economy, edited by Chetan Ghate, considers India's experience with fiscal (responsibility) rules during the past decade. After reviewing the basic facts concerning public debt and deficits in India, the...
Persistent link: https://www.econbiz.de/10013144500
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Long-Run Environmental Accounting in the U.S. Economy
Muller, Nicholas Z. - 2022
This paper estimates an augmented measure of national output inclusive of environmental pollution damage in the United States economy over a 60-year period. The paper reports two primary findings. First, air pollution intensity declined precipitously from the 1950s to the modern era. Air...
Persistent link: https://www.econbiz.de/10013324022
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An Input-Output Model of the U.S. Economy with Pollution Externality
Muller, Nicholas Z. - 2016
Input-output (I-O) analysis represents the flows of goods and services within the market. Environmentally-extended I-O (EEIO) models include flows of both pollution and consumption of resources and energy. The present paper proposes a conceptual structure for EEIO accounts that builds on the...
Persistent link: https://www.econbiz.de/10012996385
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Axiomatic and Economic Approaches to International Comparisons
Diewert, W. Erwin - 2010
The paper considers the problem of choosing a multilateral system of index numbers in order to make aggregate price and … index number formula. The great variation in relative prices and quantities in the international context means that the … approach, the concept of a superlative bilateral index number formula (which can adequately model substitution effects) is …
Persistent link: https://www.econbiz.de/10013137597
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Measuring Money Growth When Financial Markets are Changing
Stock, James H. - 2011
This paper examines the problem of measuring the growth of a monetary aggregate in the presence of innovations in financial markets and changes in the relationship between individual assets and output. We propose constructing a monetary aggregate so that it is a good leading indicator of nominal...
Persistent link: https://www.econbiz.de/10013125265
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Price Indexes for Clinical Trial Research : A Feasibility Study
Berndt, Ernst R. - 2014
Biomedical R&D Price Index (BRDPI) focused on input costs rose only 2.2-fold. Most of the disparity appears to be attributable to … agencies to develop a producer price index for this type of R&D activity, contributing to broader efforts to develop a deflator …
Persistent link: https://www.econbiz.de/10013064303
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Measuring Real Consumption and CPI Bias Under Lockdown Conditions
Diewert, Erwin - 2020
Millions of goods and services are now unavailable in many countries due to the current coronavirus pandemic, dramatically impacting on the construction of key economic statistics used for informing policy. This situation is unprecedented; hence methods to address it have not previously been...
Persistent link: https://www.econbiz.de/10012833756
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Benchmarking the Returns to Venture
Woodward, Susan E. - 2004
We describe a new index of the current and historical returns to venture-type capital. The conceptual basis for the … index is the value of a continuously reinvested value-weighted portfolio of all venture-backed and similar pre …-public companies. It provides a metric for private equity comparable to the Samp;P 500 for public equity. We build the index from …
Persistent link: https://www.econbiz.de/10012785970