Real Effects Of Inflation Through The Redistribution Of Nominal Wealth
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Real Effects Of Inflation Through The Redistribution Of Nominal Wealth
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Author : Matthias Doepke
language : en
Publisher:
Release Date : 2005
Real Effects Of Inflation Through The Redistribution Of Nominal Wealth written by Matthias Doepke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with Income distribution categories.
Inflation And The Redistribution Of Nominal Wealth
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Author : Matthias Doepke
language : en
Publisher:
Release Date : 2006
Inflation And The Redistribution Of Nominal Wealth written by Matthias Doepke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This study quantitatively assesses the effects of inflation through changes in the value of nominal assets. It documents nominal asset positions in the United States across sectors and groups of households and estimates the wealth redistribution caused by a moderate inflation episode. The main losers from inflation are rich, old households, the major bondholders in the economy. The main winners are young, middle-class households with fixed-rate mortgage debt. Besides transferring resources from the old to the young, inflation is a boon for the government and a tax on foreigners. Lately, the amount of U.S. nominal assets held by foreigners has grown dramatically, increasing the potential for a large inflation-induced wealth transfer from foreigners to domestic households.
Real Effects Of Inflation Throught The Redistribtuion Of Nominal Wealth
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Author : Matthias Doepke
language : en
Publisher:
Release Date : 2005
Real Effects Of Inflation Throught The Redistribtuion Of Nominal Wealth written by Matthias Doepke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005 with categories.
Inflation As A Redistribution Shock
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Author : Matthias Doepke
language : en
Publisher:
Release Date : 2006
Inflation As A Redistribution Shock written by Matthias Doepke and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Income distribution categories.
Episodes of unanticipated inflation reduce the real value of nominal claims and thus redistribute wealth from lenders to borrowers. In this study, we consider redistribution as a channel for aggregate and welfare effects of inflation. We model an inflation episode as an unanticipated shock to the wealth distribution in a quantitative overlapping-generations model of the U.S. economy. While the redistribution shock is zero sum, households react asymmetrically, mostly because borrowers are younger on average than lenders. As a result, inflation generates a decrease in labor supply as well as an increase in savings. Even though inflation-induced redistribution has a persistent negative effect on output, it improves the weighted welfare of domestic households.
Effects Of Unexpected Inflation On Wealth Redistribution And Stock Prices
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Author : Yoon Dokko
language : en
Publisher:
Release Date : 1984
Effects Of Unexpected Inflation On Wealth Redistribution And Stock Prices written by Yoon Dokko and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Economics categories.
Price Level Changes And The Redistribution Of Nominal Wealth Across The Euro Area
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Author : Klaus Adam
language : en
Publisher:
Release Date : 2014
Price Level Changes And The Redistribution Of Nominal Wealth Across The Euro Area written by Klaus Adam and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Income distribution categories.
We document the presence of sizable distributional effects from unexpected price level movements in the Euro Area (EA) using sectoral accounts and newly available data from the Household Finance and Consumption Survey. The EA as a whole is a net winner of unexpected price level increases, with Italy, Greece, Portugal and Spain being the biggest beneficiaries, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector is a net loser in the EA as a whole. HHs in Belgium, Ireland, Malta and Germany incur the biggest per capita losses, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result, wealth inequality in the EA decreases with unexpected inflation, although in some countries (Austria, Germany and Malta) inequality increases due to presence of relatively few young borrowing HHs. We document that HHs inflation exposure varies systematically across countries, with HHs in high inflation EA countries holding systematically lower nominal exposures.
On Inflation As A Regressive Consumption Tax
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Author : Andrés Erosa
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 2000
On Inflation As A Regressive Consumption Tax written by Andrés Erosa and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Inflation (Finance) categories.
The Effects Of Monetary Policy Shocks On Inequality
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Author : Davide Furceri
language : en
Publisher: International Monetary Fund
Release Date : 2017-01-18
The Effects Of Monetary Policy Shocks On Inequality written by Davide Furceri and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-18 with Business & Economics categories.
This paper provides new evidence of the effect of monetary policy shocks on income inequality. Using a measure of unanticipated changes in policy rates for a panel of 32 advanced and emerging market countries over the period 1990-2013, the paper finds that contractionary (expansionary) monetary actions increase (reduce) income inequality. The effect, however, varies over time, depending on the type of the shocks (tightening versus expansionary monetary policy) and the state of the business cycle, and across countries depending on the share of labor income and redistribution policies. In particular, we find that the effect is larger for positive monetary policy shocks, especially during expansions. Looking across countries, we find that the effect is larger in countries with higher labor share of income and smaller redistribution policies. Finally, while an unexpected increase in policy rates increases inequality, changes in policy rates driven by an increase in growth are associated with lower inequality.
Innocent Bystanders Monetary Policy And Inequality In The U S
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Author : Mr.Olivier Coibion
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Innocent Bystanders Monetary Policy And Inequality In The U S written by Mr.Olivier Coibion and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
We study the effects and historical contribution of monetary policy shocks to consumption and income inequality in the United States since 1980. Contractionary monetary policy actions systematically increase inequality in labor earnings, total income, consumption and total expenditures. Furthermore, monetary shocks can account for a significant component of the historical cyclical variation in income and consumption inequality. Using detailed micro-level data on income and consumption, we document the different channels via which monetary policy shocks affect inequality, as well as how these channels depend on the nature of the change in monetary policy.
Inflation Expectations
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Author : Peter J. N. Sinclair
language : en
Publisher: Routledge
Release Date : 2009-12-16
Inflation Expectations written by Peter J. N. Sinclair and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-12-16 with Business & Economics categories.
Inflation is regarded by the many as a menace that damages business and can only make life worse for households. Keeping it low depends critically on ensuring that firms and workers expect it to be low. So expectations of inflation are a key influence on national economic welfare. This collection pulls together a galaxy of world experts (including Roy Batchelor, Richard Curtin and Staffan Linden) on inflation expectations to debate different aspects of the issues involved. The main focus of the volume is on likely inflation developments. A number of factors have led practitioners and academic observers of monetary policy to place increasing emphasis recently on inflation expectations. One is the spread of inflation targeting, invented in New Zealand over 15 years ago, but now encompassing many important economies including Brazil, Canada, Israel and Great Britain. Even more significantly, the European Central Bank, the Bank of Japan and the United States Federal Bank are the leading members of another group of monetary institutions all considering or implementing moves in the same direction. A second is the large reduction in actual inflation that has been observed in most countries over the past decade or so. These considerations underscore the critical – and largely underrecognized - importance of inflation expectations. They emphasize the importance of the issues, and the great need for a volume that offers a clear, systematic treatment of them. This book, under the steely editorship of Peter Sinclair, should prove very important for policy makers and monetary economists alike.