Measuring the contribution of durable goods to the welfare cost of inflation
在内生增长模型中，通过区分耐用品和非耐用品的现金支付比例，提出一种计算高效的福利衡量方法，发现耐用品显著增加了通货膨胀的福利成本。
Abstract In this paper, we measure the contribution of durable goods to the welfare cost of inflation, in the context of an endogenous growth model with durable and nondurable goods, where purchases of the latter require only a partial cash payment compared with the former. Unlike existing measures, our proposed welfare measure is computationally efficient and relatively easy to implement.We find that durability adds a significant component to the welfare costs of inflation.