We show that unexpected price level movements generate sizable wealth redistribution in the Euro Area (EA), using … to the presence of relatively few young borrowing HHs. We document that HHs inflation exposure varies systematically … across countries, with HHs in high inflation EA countries holding systematically lower nominal exposures. …

We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple … framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our …; (ii) this inflation episode resembles an age-dependent tax, with the elderly losing up to 20%, and roughly half of the 25 …

consumption, income and wealth. We account for the various channels through which inflation affects individual households, and for … the monetary and fiscal policy responses to the inflationary shock. Our results indicate that the effects of inflation … differences in individual consumption patterns. On average, the effect of inflation is regressive, with lower income households …