Bailey's Measure of the Welfare Costs of Inflation as a General‐Equilibrium Measure
证明在准线性偏好假设下，贝利的通胀福利成本公式可以精确地从Sidrauski一般均衡框架中推导出来，并解释了为何卢卡斯从该模型导出的度量是贝利度量的上界。
Lucas (2000) has shown that Bailey's formula for the welfare costs of inflation can be regarded as an approximation to the general‐equilibrium measures that emerge from the Sidrauski and the shopping‐time models. In this paper we show that Bailey's measure can be exactly obtained in the Sidrauski general‐equilibrium framework under the assumption of quasilinear preferences. The result, based on whether or not wealth effects are incorporated into the analysis, is also helpful in clarifying why Lucas' measure derived from the Sidrauski model turns out to be an upper bound to Bailey's. Two examples are used to illustrate the main conclusions.