establishments' productivities. Inflation distorts aggregate productivity through firm entry dynamics. The model is calibrated to the … in productivity is not innocuous: it leads to a doubling of the welfare cost of inflation …We analyze the welfare cost of inflation in a model with cash-in-advance constraints and an endogenous distribution of …

, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose … inflation increases from 0.1 percent of income with fixed periods to one percent with optimal periods. The results are robust to …

, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose … inflation increases from 0.1 percent of income with fixed periods to one percent with optimal periods. The results are robust to …

, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose … inflation increases from 0.1 percent of income with fixed periods to 1 percent with optimal periods. The results are robust to …