Transaction Services, Inflation, and Welfare
基于货币流通速度、通胀与信贷服务部门规模共同变动的实证观察，构建包含信贷服务的货币增长模型，估计美国通胀的福利成本，并验证其与货币需求曲线估计结果的一致性。
This paper is motivated by empirical observations on the comovements of currency velocity, inflation, and the relative size of the credit services sector. We document these comovements and incorporate into a monetary growth model a credit services sector that provides services that help people economize on money. Our model makes two new contributions. First, we show that direct evidence on the appropriately defined credit service sector for the United States is consistent with the welfare cost measured using an estimated money demand schedule. Second, we provide estimates of the welfare cost of inflation that have some new features.