This study revisits and tests empirically the Portfolio Theory of Inflation (PTI), which analyzes how the effectiveness … (Bossone, The portfolio theory of inflation and policy (in)effectiveness, 2019). The PTI shows that when an economy is heavily … and policies aimed to stimulate output growth dissipate into domestic currency depreciation and higher inflation, with …

In most highly-developed economies, governments have handed management of inflation entirely over to their central … banks, and for good reason. With inflation largely beaten by central bankers for nearly five decades, there has been little … ideal. While central banks today say that they are aiming for a "soft landing" in which inflation slows but major economies …

I calibrate the microfounded model in Boel and Camera (2009) to quantify the redistributive effects of inflation for a … countries considered. First, the welfare cost of inflation changes over time, but the direction of the change varies across … countries. Second, inflation acts as a regressive tax when a nominal asset other than money is held. Third, the magnitude of the …

, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose … inflation increases from 0.1 percent of income with fixed periods to one percent with optimal periods. The results are robust to …