ResumoEste trabalho investiga o comportamento da demanda por moeda no Brasil de forma a derivar os custos de bem-estar da inflação pós-Plano Real. Os resultados, para um período de dezessete anos, corroboram a forma funcional log-log que mostra significativos ganhos de bem-estar relativos aos custos sociais anteriores ao Plano Real. Para uma inflação de aproximadamente 4, 5% a.a., tem-se custo de bem-estar entre 0, 15 e 0, 20% da renda. Conclui-se, como esperado, que o país deve direcionar suas políticas para alcançar tanto um patamar de inflação menor quanto para obter um nível de taxa de juros real de estado estacionário de países desenvolvidos.Palavras-chave: Demanda por Moeda; Custos de Bem-Estar da Inflação; Política Monetária. AbstractThis work investigates the behavior of money demand in Brazil in order to derive the welfare costs of inflation after the Real Plan. The results, for a period of about seventeen years, corroborated the log-log specification that shows significant gains in welfare cost of inflation. Still, for an inflation of around 4.5% per year, there is a welfare cost between 0, 15 and 0, 20% of income. But, we suggest that the country directs its policies to achieve a much lower level of inflation and to a level of steady state real interest rate of developed countries.

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