ESTIMATING THE WELFARE COST OF INFLATION IN THE IRANIAN ECONOMY

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BAKHTIARI SADEGH; SAMAD POOR NARGES

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Journal: JOURNAL OF ECONOMIC STUDIES AND POLICIES Year:2011 | Volume:7 (17) | Issue:1 (84) Page(s): 3-16

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Title

ESTIMATING THE WELFARE COST OF INFLATION IN THE IRANIAN ECONOMY

Author(s)

BAKHTIARI SADEGH | SAMAD POOR NARGES

Keywords

DEMAND FOR MONEYQ2

INFLATIONQ2

OPTIMUM QUANTITY OF MONEYQ2

WELFARE COST OF INFLATIONQ2

Abstract

Inflation has negative effects on economic welfare in different ways. In other words, it may cause welfare costs for society. Many studies indicate that there is a positive and statistically significant relationship between monetary policy and inflation, particularly in developing countries including Iran. Estimation of welfare cost of inflation may help policy makers as well as monetary authorities to evaluate the welfare effects of their policies and decide how to proceed. This paper defines a money demand function for Iran's money market, then by applying advanced econometrics techniques and based on Lucas Logarithmic model (2000) and Caygan’s semi log version (1956), the welfare cost of inflation is estimated for the period of 1958-2007.The results indicate that if the inflation rate increase from 3 percent to 15 percent, the welfare cost of inflation based on the logarithmic model would increase from 0.14 percent of GDP to 1.7 percent of GDP and based on the semi logarithmic model, from 0.12 GDP to 2.3 percent of GDP. The paper argues that the semi logarithmic model is more appropriate for calculating welfare cost of Inflation in Iran.

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Cites

CALCULATION OF WELFARE COSTS OF INFLATION IN IRAN

References

THE WELFARE COST OF INFLATION: AN EXTENSION OF THE LUCAS MODEL AND NEW EVIDENCE

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APA: Copy

BAKHTIARI, SADEGH, & SAMAD POOR, NARGES. (2011). ESTIMATING THE WELFARE COST OF INFLATION IN THE IRANIAN ECONOMY. JOURNAL OF ECONOMIC STUDIES AND POLICIES, 7 (17)(1 (84)), 3-16. SID. https://sid.ir/paper/219056/en

Vancouver: Copy

BAKHTIARI SADEGH, SAMAD POOR NARGES. ESTIMATING THE WELFARE COST OF INFLATION IN THE IRANIAN ECONOMY. JOURNAL OF ECONOMIC STUDIES AND POLICIES[Internet]. 2011;7 (17)(1 (84)):3-16. Available from: https://sid.ir/paper/219056/en

IEEE: Copy

SADEGH BAKHTIARI, and NARGES SAMAD POOR, “ESTIMATING THE WELFARE COST OF INFLATION IN THE IRANIAN ECONOMY,” JOURNAL OF ECONOMIC STUDIES AND POLICIES, vol. 7 (17), no. 1 (84), pp. 3–16, 2011, [Online]. Available: https://sid.ir/paper/219056/en

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