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Keywords:Lower bound on interest rates 

Working Paper
The Welfare Costs of Inflation

We revisit the estimation of the welfare costs of inflation originating from lack of liquidity satiation. We use data for the United States and several other developed countries. Our computations are heavily influenced by the recent experience of very low, even negative, short-term rates observed in the countries we study. We obtain estimates that range between 0.20% and 1.5% of lifetime consumption for the United States and find even higher values for some European countries.
Working Papers , Paper 783

Working Paper
Online Appendix for: The Welfare Costs of Inflation

Working Papers , Paper 784

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