This paper builds on Lucas (2000) and on Cysne (2003) to derive and order six alternative measures of the welfare costs of inflation (five of which already existing in the literature) for any vector of opportunity costs. The ordering of the functions is carried out for economies with or without...

Brazil's balance of payments has been calculated since 2001 in accordance with criteria suggested in the 5th edition of the International Monetary Fund's Balance of Payments Manual (BPM5). The Balance of Payments account can be divided into two groups: (i) current account transactions and (ii)...

This work derives from the book “Brasil: Uma Análise das Contas Externas”, by the same authors. The present text has been last revised on December 2006 and is based on data available at that date. A further classification of Brazil's sovereign debt one step below investment grade (by Fitch...

This paper shows that in economies with several monies the Bailey-Divisia multidimensional consumers surplus formula may emerge as an exact general-equilibrium measure of the welfare costs of infl ation, provided that preferences are quasilinear

Fischer (1979) and Asako (1983) analyze the sign of the correlation between the growth rate of money and the rate of capital accumulation on the transition path. Both plug a CRRA utility (based on a Cobb-Douglas and a Leontief function, respectively) into Sidrauski s model yet return contrasting...

This paper investigates which properties money-demand functions have to satisfy to be consistent with multidimensional extensions of Lucas (2000) versions of the Sidrauski (1967) and the shopping-time models. We also investigate how such classes of models relate to each other regarding the...

This paper builds on Lucas [Econometrica 68 (2000), 247–274] and on Cysne [Journal of Money, Credit and Banking 35 (2003), 221–238] to derive and order six alternative measures of the welfare costs of inflation (five of them already existing in the literature) for any vector of opportunity...

The aim of this paper is to assess the progress of the banking sector before and shortly after the Real Plan. We began by assessing the drop in the inflation revenues (negative real interest rates paid by the excess of demand deposits over total reserve requirements) as a result of the change in...