Welfare cost of inflation, when credit card transaction services are included among monetary services

IF 0.7 4区经济学 Q3 ECONOMICS

Studies in Nonlinear Dynamics and Econometrics Pub Date : 2023-05-29 DOI:10.1515/snde-2022-0092

William A. Barnett, Sohee Park

引用次数: 0

Abstract

Abstract We investigate the welfare cost of anticipated inflation, when the volume of credit card transactions is included in measured monetary service flows. We use the credit-card-augmented Divisia monetary aggregates in a nonlinear dynamic stochastic general equilibrium (DSGE) New Keynesian model and calculate the welfare costs of inflation. The welfare costs of inflation with credit card services included are greater than without them in the New Keynesian DSGE model. Because of the complexity of the model’s dynamical structure, we are not aware of a simple explanation for the increased welfare sensitivity to inflation.

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当信用卡交易服务被包括在货币服务中时，通货膨胀的福利成本

摘要我们研究了当信用卡交易量包含在衡量的货币服务流量中时，预期通货膨胀的福利成本。我们在非线性动态随机一般均衡（DSGE）新凯恩斯主义模型中使用信用卡增广的Divisia货币总量，并计算通货膨胀的福利成本。在新凯恩斯DSGE模型中，包括信用卡服务的通货膨胀的福利成本大于没有信用卡服务。由于模型动态结构的复杂性，我们没有意识到福利对通货膨胀敏感性增加的简单解释。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Studies in Nonlinear Dynamics and Econometrics Multiple-

CiteScore

1.40

自引率

12.50%

发文量

期刊介绍： Studies in Nonlinear Dynamics & Econometrics (SNDE) recognizes that advances in statistics and dynamical systems theory may increase our understanding of economic and financial markets. The journal seeks both theoretical and applied papers that characterize and motivate nonlinear phenomena. Researchers are required to assist replication of empirical results by providing copies of data and programs online. Algorithms and rapid communications are also published.