Serletis, Apostolos; Yavari, Kazem - In: Applied Economics Letters 12 (2005) 3, pp. 165-168
This paper follows Lucas (2000), and Serletis and Yavari (2004) and estimates the welfare cost of inflation in Italy. It uses recent advances in the field of applied econometrics to estimate the interest elasticity of money demand in Italy and reports welfare cost estimates close to those...