Title of article :
Financialsophisticationandthedistributionofthewelfare
cost ofinflation
Author/Authors :
PaolaBoel، نويسنده ,
Issue Information :
روزنامه با شماره پیاپی سال 2008
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
Journal title :
Journal of Monetary Economics
