کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7358710 1478655 2018 31 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The redistributive effects of inflation and the shape of money demand
ترجمه فارسی عنوان
اثرات توزیع مجدد تورم و شکل تقاضای پول
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات کنترل و بهینه سازی
چکیده انگلیسی
I quantify the distributional effects of expected inflation in a sample of OECD countries using a microfounded model of money where agents differ in their consumption risk, against which they can insure using money and government bonds. The model is calibrated using harmonized wealth microdata from the Luxembourg Wealth Study. I find that the inflation tax is progressive for low inflation levels, but it becomes regressive as inflation increases. Cut-off points vary across countries and depend on discount factors and heterogeneity in consumption risk across agents. Moreover, I find that the magnitude of inflation's distributional impact depends not only on wealth distribution but also, and importantly, on the curvature and height of the money demand curve. Indeed, a higher and less elastic money demand leads to more regressive effects of inflation, thus implying such effects are not necessarily stronger in a country with a more unequal wealth distribution.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 90, May 2018, Pages 208-219
نویسندگان
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