Showing 1 - 10 of 682
We study how within-store price variation changes with inflation, and whether households exploit it to attenuate the … inflation burden. We use micro price data for food products sold by 91 large multi-channel retailers in ten countries between … discounts grew at a much lower average rate than regular prices, helping to mitigate the inflation burden. By contrast …
Persistent link: https://www.econbiz.de/10014576655
We study the redistributive effects of inflation combining administrative bank data with an information provision … experiment during an episode of historic inflation. On average, households are well-informed about prevailing inflation and are … concerned about its impact on their wealth; yet, while many households know about inflation eroding nominal assets, most are …
Persistent link: https://www.econbiz.de/10014372429
This article explores subjects in optimal income taxation characterized by recent research interest, practical importance in light of concerns about inequality, potential for misunderstanding, and prospects for advancement. Throughout, the analysis highlights paths for further investigation....
Persistent link: https://www.econbiz.de/10013334417
We study optimal monetary policy in a general equilibrium economy with heterogeneous agents and nominal rigidities. Households differ in type-specific, state-contingent labor productivity and initial firm ownership, yet markets are complete. The fiscal authority has access to a linear tax...
Persistent link: https://www.econbiz.de/10015072863
Bank-created money, shadow-bank money, and Treasury bonds all satisfy investors' demand for a liquid transaction medium and safe store of value. We measure the quantity of these three forms of liquidity and their corresponding liquidity premium over a sample from 1934 to 2016. We empirically...
Persistent link: https://www.econbiz.de/10013210079
When is a wealth tax preferable to a capital income tax? When is the opposite true? More generally, can capital taxation be structured to improve productivity, incentivize innovation, and ultimately increase welfare? We study these questions theoretically in an infinite-horizon model with...
Persistent link: https://www.econbiz.de/10014576614
of inflation from different periods, which have become more prevalent as inflation has risen to 40-year highs. To better … contextualize the current run-up in inflation, this paper constructs new historical series for CPI headline and core inflation that … that current inflation levels are much closer to past inflation peaks than the official series would suggest. In particular …
Persistent link: https://www.econbiz.de/10013334335
combine low inflation targets and high levels of wealth inequality …
Persistent link: https://www.econbiz.de/10014287383
In the past decade, a new paradigm for fiscal and monetary policy analysis has emerged, combining the canonical macro model of income and wealth inequality with the New Keynesian model. These Heterogeneous-Agent New Keynesian ("HANK") models feature new transmission channels and allow for the...
Persistent link: https://www.econbiz.de/10015072932
Persistent link: https://www.econbiz.de/10000676626