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On the Redistributive Effects of Inflation: an International Perspective
Boel, Paola - Sveriges Riksbank - 2013
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 for the possibility of policy breaks. I show that...
Persistent link: https://www.econbiz.de/10010818839
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On the theoretical efficacy of quantitative easing at the zero lower bound
Boel, Paola; Waller, Christopher J. - 2015
We construct a monetary economy in which agents face aggregate demand shocks and heterogeneous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy the central bank can implement, not all agents are satiated at the zero lower bound and...
Persistent link: https://www.econbiz.de/10011442898
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On the redistributive effects of inflation: An international perspective
Boel, Paola - 2013
I calibrate the microfounded model in Boel and Camera (2009) to quantify the redistributive effects of inflation for a sample of OECD countries. In doing so, I address two important quantitative issues. First, using harmonized microdata from the Luxembourg Wealth Study, I provide an...
Persistent link: https://www.econbiz.de/10010427080
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On Heterogeneity in a Fundamental Model of Money
Camera, Gabriele; Boel, Paola - Society for Economic Dynamics - SED - 2004
In this preliminary version we consider different types of ex-ante heterogeneity (production cost, preferences, market … access, etc.) in a Lagos-Wright (2003) framework. Such heterogeneity generates equilibrium inequality in nominal wealth, or … money holdings. We have two basic objectives. First, we want to understand under what types of heterogeneity a simple …
Persistent link: https://www.econbiz.de/10005090919
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Efficient Monetary Allocations and the Illiquidity of Bonds.
Boel, Paola; Camera, Gabriele - Krannert School of Management, Purdue University - 2004
We construct a monetary economy with heterogeneity in discounting and consumption risk. Agents can insure against this …
Persistent link: https://www.econbiz.de/10005739813
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Financial Sophistication and the Distribution of the Welfare Cost of Inflation
Boel, Paola; Camera, Gabriele - Krannert School of Management, Purdue University - 2009
The welfare cost of anticipated inflation is quantified in a calibrated model of the U.S. economy that exhibits tractable equilibrium dispersion in wealth and earnings. Inflation does not generate large losses in societal welfare, yet its impact varies noticeably across segments of society...
Persistent link: https://www.econbiz.de/10005026615
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On the theoretical efficacy of quantitative easing at the zero lower bound
Boel, Paola; Waller, Christopher - 2015
Persistent link: https://www.econbiz.de/10011392873
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On the theoretical efficacy of quantitative easing at the zero lower bound
Boel, Paola; Waller, Christopher - 2015
We construct a monetary economy in which agents face aggregate demand shocks and heterogeneous idiosyncratic preference shocks. We show that, even when the Friedman rule is the best interest rate policy the central bank can implement, not all agents are satiated at the zero lower bound and...
Persistent link: https://www.econbiz.de/10011338171
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The redistributive effects of inflation and the shape of money demand
Boel, Paola - In: Journal of economic dynamics & control 90 (2018), pp. 208-219
Persistent link: https://www.econbiz.de/10011974065
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On the redistributive effects of inflation : an international perspective
Boel, Paola - 2013
I calibrate the microfounded model in Boel and Camera (2009) to quantify the redistributive effects of inflation for a sample of OECD countries. In doing so, I address two important quantitative issues. First, using harmonized microdata from the Luxembourg Wealth Study, I provide an...
Persistent link: https://www.econbiz.de/10010202989