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The form of money demand function and the welfare costs of inflation

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In this article we show that the marginal welfare costs of inflationary is progressively larger with the inflation rate in Bailey's formulation, but under Baumol–Tobin treatment the opposite applies.
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Document Type: Research Article

Affiliations: 1: Department of Economics,University of Waterloo, WaterlooON N2L 3G1, Canada 2: Department of Economics,The University of Western Ontario, LondonON N6A 5C2, Canada

Publication date: 2012-03-01

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