I use a microfounded model of money to quantify the redistributive effects of expected inflation in a sample of OECD … countries. In doing so, I address two quantitative issues. First, I pin down money demand rigorously, which implies accounting … it depends not only on wealth distribution, but also on the curvature and the level of money demand for any given …

financial assets. Second, I account for structural breaks when estimating money demand. I find that several results hold for the … countries. Second, inflation acts as a regressive tax when a nominal asset other than money is held. Third, the magnitude of the … of the money demand curve. Last, I show that a subset of the population always prefers an inflationary policy when I …

money holdings. We have two basic objectives. First, we want to understand under what types of heterogeneity a simple …

risk with both money and nominal government bonds, but all trades must be monetized. We demonstrate that a deflationary … the return money can pay. The efficient allocation can be sustained when bonds have positive yields and – under certain …

impact varies noticeably across segments of society depending also on the financial sophistication of the economy. If money … insure against consumption risk with assets other than money. …

financial assets. Second, I account for structural breaks when estimating money demand. I find that several results hold for the … countries. Second, inflation acts as a regressive tax when a nominal asset other than money is held. Third, the magnitude of the … of the money demand curve. Last, I show that a subset of the population always prefers an inflationary policy when I …