Title of article
Financialsophisticationandthedistributionofthewelfare cost ofinflation
Author/Authors
PaolaBoel، نويسنده ,
Issue Information
روزنامه با شماره پیاپی سال 2008
Pages
11
From page
968
To page
978
Abstract
The welfarecostofanticipatedinflationisquantifiedinacalibratedmodeloftheU.S.
economythatexhibitstractableequilibriumdispersioninwealthandearnings.Inflation
doesnotgeneratelargelossesinsocietalwelfare,yetitsimpactvariesnoticeablyacross
segmentsofsocietydependingalsoonthefinancialsophisticationoftheeconomy.If
moneyistheonlyasset,theninflationmostlyhurtsthewealthierandmoreproductive
agents, whilethosepoorerandlessproductivemayevenbenefitfrominflation.The
converse holdsinamoresophisticatedfinancialenvironmentwhereagentscaninsure
againstconsumptionriskwithassetsotherthanmoney
Keywords
MoneyHeterogeneityFriedmanruleTradefrictionsCalibration
Journal title
Journal of Monetary Economics
Serial Year
2008
Journal title
Journal of Monetary Economics
Record number
846345
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