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Measuring the contribution of durable goods to the welfare cost of inflation

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  • Arman Mansoorian
  • Leo Michelis

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.

Suggested Citation

  • Arman Mansoorian & Leo Michelis, 2016. "Measuring the contribution of durable goods to the welfare cost of inflation," Canadian Journal of Economics, Canadian Economics Association, vol. 49(2), pages 815-833, May.
    • Handle: RePEc:cje:issued:v:49:y:2016:i:2:p:815-833
    DOI: 10.1111/caje.12215
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    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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