On Measuring the Welfare Cost of Inflation
使用新古典货币需求理论，通过微观经济与加总理论方法，比较了基于马歇尔需求函数的消费者剩余法和基于希克斯需求函数的补偿变差法，并报告了基于希克斯货币需求函数的新估计结果。
Abstract This paper uses neoclassical monetary demand theory to measure the welfare cost of inflation. It uses the microeconomic‐ and aggregation‐theoretic approach to the demand for money, that integrates the demand for money with the demands for consumption and leisure, and provides a comparison between the consumer surplus approach based on Marshallian demand functions and the compensating variation approach based on Hicksian demand functions. The paper also reports new estimates of the welfare cost of inflation based on Hicksian money demand functions and the compensating variation approach.