Why should central banks fight against inflation? To answer this
question, understanding the magnitude of welfare cost of inflation
is important and becomes an active research field. Economists
always make some assumptions to simplify the model from reality so
that the model is tractable. But at the same time, these
simplifications may affect the clear view on the source of
inflation cost and affect the way to measure the cost of inflation.
This book analyzes the welfare cost of inflation in a general
equilibrium framework that takes into account more realistic
factors in the real world, a framework with more generalized model
settings of money demand side and money supply side. On the money
demand side, interest-bearing deposits are introduced by applying
the monetary aggregation theory; on the supply side, a banking
sector is established to produce interest-bearing deposits. The
research should be useful for central bankers and researchers who
are conducting research on the policy of central banks, and should
benefit economist, econometricians, and anyone else who are
interested in general equilibrium model or nonlinear threshold
estimation.
General
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