Divisia Index, Inflation, and Welfare
回应了通货膨胀福利成本文献中的一个常见批评：货币定义中有些项目付息而有些不付。作者证明，用迪维西亚货币服务指数作为福利度量可以解决这个问题。
This work addresses a usual criticism in the literature of the welfare costs of inflation, related to the tact that some items in the relevant definition of money pay interest, while others do not. We show that the problem can be solved by using a Divisia index of monetary services as the welfare measure.