picking up. Unemployment remained high and employment rates were low, especially among women, the young and older workers. The …

This paper applies new computational methods for studying nonstationary dynamics to reevaluate the welfare cost of … equilibria, I measure the welfare cost of inflation by explicitly modeling the transitional dynamics that arise following a … change in monetary policy. Transitional dynamics are shown to increase the welfare cost of inflation substantially. Also …

This paper studies the effects of anticipated inflation on aggregate output and welfare within a search … welfare. If prices are posted and buyers can direct their search, search intensities are increasing with inflation for low … always reduces welfare even though it can have a positive effect on output for low inflation rates. …

new contributions. The first is to show that direct quantitative evidence on the welfare cost of low inflation using … by banks and credit unions in providing demand deposit and credit card services - is consistent with the welfare cost … Lucas (1993). Both of these measures amount to about 0.5 percent of GNP. The second contribution is in providing welfare …

welfare cost measured using an estimated money demand schedule. Second, we provide welfare cost of inflation estimates that …

their paper “The Welfare Costs of Moderate Inflations.” Basic issues concerning the costs and consequences of inflation are …

. However, in most cases, a permanent increase in inflation lowers the average person's welfare. The empirical evidence is …