Seigniorage and the Welfare Cost of Inflation in Colombia

Borradores de Economia
Number: 
151
Published: 
Classification JEL: 
E31
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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We compute both seigniorage rate and welfare cost of inflation rate in Colombia using a Sidrauski-type model in which preferences are separable functions of the service flows of non-durable goods and money holdings. The set of the estimated paramete