<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0120-2596</journal-id>
<journal-title><![CDATA[Lecturas de Economía]]></journal-title>
<abbrev-journal-title><![CDATA[Lect. Econ.]]></abbrev-journal-title>
<issn>0120-2596</issn>
<publisher>
<publisher-name><![CDATA[Universidad de Antioquia]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0120-25962023000100067</article-id>
<article-id pub-id-type="doi">10.17533/udea.le.n98a348684</article-id>
<title-group>
<article-title xml:lang="es"><![CDATA[Reasignación de liquidez y costo de bienestar de la inflación en Colombia]]></article-title>
<article-title xml:lang="en"><![CDATA[Liquidity reallocation and the welfare cost of inflation in Colombia]]></article-title>
<article-title xml:lang="fr"><![CDATA[La réallocation de la liquidité et le coût social de l&#8217;inflation en Colombie]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Frasser-Lozano]]></surname>
<given-names><![CDATA[Cristian]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Pájaro-Gallego]]></surname>
<given-names><![CDATA[Juan Camilo]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad del Valle Departamento de Economía ]]></institution>
<addr-line><![CDATA[Cali ]]></addr-line>
<country>Colombia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad del Valle  ]]></institution>
<addr-line><![CDATA[Cali ]]></addr-line>
<country>Colombia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2023</year>
</pub-date>
<numero>98</numero>
<fpage>67</fpage>
<lpage>95</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_arttext&amp;pid=S0120-25962023000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_abstract&amp;pid=S0120-25962023000100067&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.co/scielo.php?script=sci_pdf&amp;pid=S0120-25962023000100067&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo evalúa el rol de la reasignación de liquidez vía crédito en la mitigación del costo de bienestar de la inflación. Presenta dos modelos teóricos: con y sin reasignación de liquidez. En el modelo con reasignación de liquidez, el dinero y el crédito coexisten. En particular, el dinero exhibe un doble beneficio: se puede usar para financiar consumo o para prestarlo a agentes con necesidades de liquidez. Este último uso de los saldos monetarios a través del crédito sirve para amortiguar el costo de bienestar la inflación. Ambos modelos son calibrados para la economía colombiana entre 1994 y 2021, lo cual permite medir el impacto de la inflación sobre el bienestar en términos del PIB. El costo de bienestar de reducir la inflación 10 puntos porcentuales sin reasignación de liquidez, bajo el protocolo de Nash y con un poder de negociación menor a 1, oscila entre 2,6 % y 4,2 % del PIB, mientras con reasignación de liquidez está entre 0,9 % y 3,6 % del PIB. El costo de bienestar asociado a una inflación positiva es siempre menor con reasignación de liquidez.  Clasificación JEL:  E31, E40, E41, E51.]]></p></abstract>
<abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This article evaluates the role of liquidity reallocation via credit in mitigating the welfare cost of inflation. It presents two theoretical models: with and without liquidity reallocation. In the model with liquidity reallocation, money and credit coexist. In particular, money exhibits a double benefit: it can be used to finance consumption or to lend it to agents with liquidity needs. The latter use of money balances through credit serves to cushion the welfare cost of inflation. Both models are calibrated for the Colombian economy between 1994 and 2021, which allows us to measure the impact of inflation on welfare in terms of GDP. The welfare cost of reducing inflation by 10 percentage points without reallocating liquidity, under the Nash protocol and with bargaining power less than 1, ranges between % and 4.2 % of GDP, while with liquidity reallocation it is between 0.9 % and 3.6 % of GDP. The welfare cost associated with positive inflation is always lower with liquidity reallocation.  Clasificación JEL:  E31, E40, E41, E51.]]></p></abstract>
<abstract abstract-type="short" xml:lang="fr"><p><![CDATA[Résumé: Cet article évalue le rôle de la réallocation de la liquidité par le crédit dans la réduction du coût social entraîné par l&#8217;inflation. Nous présentons deux modèles théoriques : un premier modèle avec réallocation de la liquidité et un deuxième modèle sans réallocation de la liquidité. Dans le premier modèle, la monnaie et le crédit coexistent. En particulier, la monnaie présente un double avantage: d&#8217;une part elle sert à financer la consommation et d&#8217;autre part, elle peut être prêtée aux agents ayant besoins de liquidité. Cette dernière utilisation de la monnaie sert à réduire le coût du bien-être entraîné par l&#8217;inflation. Les deux modèles sont ensuite calibrés pour les données de l&#8217;économie colombienne pour la période comprise entre 1994 et 2021. L&#8217;impact de l&#8217;inflation sur le bien-être est mesuré en termes de PIB. Nous concluons que le coût social d&#8217;une réduction de l&#8217;inflation de 10 points de pourcentage sans réallocation de la liquidité, selon le protocole de Nash et avec un pouvoir de négociation inférieur à 1, varie entre 2,6 % et 4,2 % du PIB, tandis qu&#8217;avec une réallocation de la liquidité, ce pourcentage se situe entre 0,9 % et 3,6 % du PIB. En général, le coût social associé à une inflation positive est toujours plus faible avec une réallocation de la liquidité.  Clasificación JEL:  E31, E40, E41, E51.]]></p></abstract>
<kwd-group>
<kwd lng="es"><![CDATA[Inflación]]></kwd>
<kwd lng="es"><![CDATA[bienestar]]></kwd>
<kwd lng="es"><![CDATA[dinero]]></kwd>
<kwd lng="es"><![CDATA[reasignación de liquidez]]></kwd>
<kwd lng="es"><![CDATA[crédito]]></kwd>
<kwd lng="en"><![CDATA[inflation]]></kwd>
<kwd lng="en"><![CDATA[welfare]]></kwd>
<kwd lng="en"><![CDATA[money]]></kwd>
<kwd lng="en"><![CDATA[liquidity reallocation]]></kwd>
<kwd lng="en"><![CDATA[credit]]></kwd>
<kwd lng="fr"><![CDATA[Inflation]]></kwd>
<kwd lng="fr"><![CDATA[bien-être]]></kwd>
<kwd lng="fr"><![CDATA[monnaie]]></kwd>
<kwd lng="fr"><![CDATA[réallocation de la liquidité]]></kwd>
<kwd lng="fr"><![CDATA[crédit]]></kwd>
</kwd-group>
</article-meta>
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