Inflation and Welfare

By Robert E. Lucas. 2000

835 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/093475ad97cb485e9938c8d4191069d0eb095055

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In Economics and Econometrics

Citations in the corpus

Financial Innovation and the Transactions Demand for Cash (2007, positive): “The proposition implies that the loss for society coincides with the consumer sur- plus that can be gained by reducing R to zero, i.e. `(R) = ∫ R 0 M(R̃)dR̃−RM(R).12 This extends the result of Lucas (2000), derived from a money-in-the-utility-function model, to an explicit inventory-theoretic model.”
Liquidity: A New Monetarist Perspective (2017, background): “Robert E. Lucas (2000) “Inflation and Welfare,” Econometrica 68, 247-74.”
Inflation and growth: Explaining a negative effect (2004, background): “are typically, as in Lucas (2000) , calibrated so as to yield a constant interest elasticity”
Habit Formation and Macroeconomic Models of the Term Structure of Interest Rates (2007, background): “Lucas (2000), for instance, calibrates a cash-in-advance model and finds that in low inflation regimes the welfare costs of inflation are extremely small.”
Liquidity and the Threat of Fraudulent Assets (2011, positive): “…0Þ of some other asset s 0.27 A small open-market operation has a small 25 This logic is underlying the calculation for the welfare cost of inflation in Lucas ð2000Þ, the measure of the liquidity services provided by Treasuries in Krishnamurthy and VissingJorgensen ð2012Þ, and Barnett et al.’s…”
The FinTech Opportunity (2016, positive): “As argued by Lucas (2000), these homothetic preferences are consistent with the absence of trend in the ratio of real balances to income in US data, and the constant relative risk aversion form is consistent with balanced growth.”
Investor Overconfidence and the Forward Premium Puzzle (2011, neutral): “Lucas (2000) finds that α = 7 best fits the U.S. data for the 1900-1994 period.”
Has the Fed Been a Failure (2012, neutral): “…process from 1870-1913, it was positively serially correlated from 1919 to 1938 and from 1947 to 1959 (when the Fed was constrained by some form of gold 5 Lucas (2000), in contrast, put the annual real income gain from reducing inflation from 10% to zero at slightly below 1 percent of GNP.”
Divorcing Money from Monetary Policy (2008, neutral): “Lucas (2000, p. 247) describes the deadweight loss associated with the inflation tax in a similar way:”