Two recent studies have found markedly different measures of the welfare cost of inflation in South Africa, obtained …-horizon method is more robust to alternative methods of time aggregation, and, given this the welfare cost of inflation in South … Africa for an inflation target band of 3 percent to 6 percent lies between 0.15 percent and 0.41 percent. …

cost estimates of inflation, using both Bailey’s (1956) consumer surplus approach, as well, as Lucas’s (2000) compensating … of GDP for the target-band of 3 percent to 6 percent of inflation. The paper, thus, highlights the fact that welfare cost … estimates of inflation are sensitive to the methodology used to estimate the long-run equilibrium money demand relationships. …

inflation. Using the Johansen (1991, 1995) technique, we estimate a log-log specification and a semi-log model of the above …-log money demand model. Our estimates suggest that the welfare cost of inflation for South Africa ranges between 0.34 percent … and 0.67 percent of GDP, for a band of 3 to 6 percent of inflation. Thus, it seems that the SARB’s current inflation …

) methods. We then, compare the resulting welfare costs of inflation obtained from the linear and nonlinear money demand … welfare cost of inflation was found to at the most lie between 0.0131 percent of GDP to 0.2186 percent of GDP for inflation … rates between 0 percent and 10 percent, and; (iv) In comparison, the welfare cost of inflation obtained from the semi …

inflation. Using the Johansen (1991, 1995) technique, we estimate a log-log specification and a semi-log model of the above …-log money demand model. Our estimates suggest that the welfare cost of inflation for South Africa ranges between 0.34 percent … and 0.67 percent of GDP, for a band of 3 to 6 percent of inflation. Thus, it seems that the SARB's current inflation …

In this paper, we evaluate the causal relationship between macroeconomic uncertainty indices, inflation and growth rate … for 17 Eurozone countries on a county level examination. In performing a series of linear and non-linear causality tests …