Composition of portfolio and cost of inflation
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Lee, M. | - |
dc.contributor.author | Yun, S.G. | - |
dc.date.accessioned | 2021-09-05T16:12:50Z | - |
dc.date.available | 2021-09-05T16:12:50Z | - |
dc.date.created | 2021-06-17 | - |
dc.date.issued | 2014 | - |
dc.identifier.issn | 1229-2893 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/100835 | - |
dc.description.abstract | The welfare cost of inflation is explored via a search-theoretic model in which along with non-interest-bearing cash, interest-bearing liquid and illiquid assets are available. With inflation, agents are willing to replace higher-return illiquid assets with lower-return liquid assets for consumption purchases. The opportunity cost incurred by this adjustment turns out to have quantitatively significant implications on the cost of inflation. A parameterized version of the model suggests that the cost of 10% inflation with liquid and illiquid interest-bearing assets is almost 3 times larger than that in a cash-only model. This implies that most existing measures of inflation cost with narrow money are substantially underestimated. © 2014, Korean Econometric Society. All Rights reserved. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | Korean Econometric Society | - |
dc.title | Composition of portfolio and cost of inflation | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Lee, M. | - |
dc.identifier.scopusid | 2-s2.0-84919976792 | - |
dc.identifier.bibliographicCitation | Journal of Economic Theory and Econometrics, v.25, no.4, pp.1 - 21 | - |
dc.relation.isPartOf | Journal of Economic Theory and Econometrics | - |
dc.citation.title | Journal of Economic Theory and Econometrics | - |
dc.citation.volume | 25 | - |
dc.citation.number | 4 | - |
dc.citation.startPage | 1 | - |
dc.citation.endPage | 21 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.identifier.kciid | ART001941020 | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | scopus | - |
dc.description.journalRegisteredClass | kci | - |
dc.subject.keywordAuthor | Broad money | - |
dc.subject.keywordAuthor | Cash | - |
dc.subject.keywordAuthor | Inflation cost | - |
dc.subject.keywordAuthor | Narrow money | - |
dc.subject.keywordAuthor | Portfolio shift | - |
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