proportionally to inflation. We show that conditions under which these rules generate aggregate instability by inducing liquidity … that respond to expected future inflation are more prone to induce endogenous cyclical and chaotic dynamics the more open …

We study whether clarity of central bank inflation reports affects return volatility in financial markets. We measure …

We study credit card rewards as an ideal laboratory to quantify redistribution between consumers in retail financial … without rewards. We estimate an aggregate annual redistribution of $15 billion from less to more educated, poorer to richer …

income redistribution objectives. While the benefits of targeting areclear, i.e., a larger poverty impact for a given … therefore depend on how countries decide to trade-off these costs andbenefits as well as on the potential for redistribution …

discussion of fiscal redistribution within the standard social welfareframework, which lends itself to a transparent and … practical evaluation of the extent anddeterminants of fiscal redistribution. Differences in fiscal redistribution are decomposed … factorsexplaining differences in their fiscal redistribution and to discuss patterns in fiscalredistribution highlighted in the …

-percentile consumption diagnostics that could inform redistribution policies. The proposed framework is illustrated in application to Iraq …