Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting
نویسندگان
چکیده
منابع مشابه
Redistribution of Nominal Wealth and the Welfare Cost of Inflation∗
This paper considers the revaluation of nominal wealth as a channel for aggregate and welfare effects of inflation. In a calibrated OLG model, an inflation episode is viewed as an unanticipated shock to the wealth distribution that hurts old lenders and helps young borrowers. While the redistribution shock is zero-sum, households respond asymmetrically, which generates a decrease in labor suppl...
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ژورنال
عنوان ژورنال: Journal of Monetary Economics
سال: 2010
ISSN: 0304-3932
DOI: 10.1016/j.jmoneco.2010.05.001