, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector …, 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 …

redistribution brought about by a moderate inflation episode. Redistribution takes the form of 'ends-against-the-middle': the middle … rules. We show that inflation-induced redistribution has a persistent negative effect on output, but improves the weighted …This paper provides a quantitative assessment of the effects of inflation through changes in the value of nominal …

. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to …This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects …

to borrowers. In this study, we consider redistribution as a channel for aggregate and welfare effects of inflation. We … increase in savings. Even though inflation-induced redistribution has a persistent negative effect on output, it improves the …Episodes of unanticipated inflation reduce the real value of nominal claims and thus redistribute wealth from lenders …

From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded … of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed …. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and …

whether faster productivity growth reduces inflation, raises nominal wage growth, or raises profits. We find that an … acceleration or deceleration of the productivity growth trend alters the inflation rate by at least one-for-one in the opposite …

alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the … reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we … in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating …

inflation and growth. A genuine real-time data set for the euro area is used, including vintages of several alternative gap … clearly to a lack of any usefulness of real-time output gap estimates for inflation forecasting both in the short term (one …