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标题：Sectoral money demand and the great disinflation in the US
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作者：Alessandro Calza ; Andrea Zaghini
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2010
出版社：European Central Bank
摘要：Estimates of the welfare costs of ination based on Bailey (1956) are typi- cally computed using aggregate money demand models. Yet, the behavior of money demand may vary across sectors. Thus, the impact on welfare of ina- tion regime shifts may di¤er between households and rms. We specically investigate the sectoral welfare implications of the shift from the Great Ina- tion to the present regime of low and stable ination. For this purpose, we estimate di¤erent functional specications of money demand for US house- holds and non-nancial rms using ow-of-fund data covering four decades. We nd that the benets were signicant for both sectors.
关键词：welfare cost of ination; ow of funds data; demand for money.