This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic … money demand and the distribution of money holdings across households, and study the effects of inflation under the implied … inflation are on average 40% smaller compared to a complete markets, representative agent economy, and that inflation induces …

This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic … money demand and the distribution of money holdings across households, and study the effects of inflation under the implied … inflation are on average 40% smaller compared to a complete markets, representative agent economy, and that inflation induces …

uncertainty over and above that to expected inflation, output gap, and output growth. However, this evidence regards the Greenspan …

monetary policy effectiveness for a developing country, namely India. We applied a non-linear VAR, which allows us to examine …

-term nominal yields over long horizons. The remaining driver of long-term yields are changes in inflation expectations induced by … conventional, autoregressive shocks. Long-term inflation expectations implied by our model are in line with those based on survey …