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 …

, 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 …

inflation. A dynamic stochastic general equilibrium model with heterogeneous agents is studied. Incomplete markets induce agents … equilibria, I measure the welfare cost of inflation by explicitly modeling the transitional dynamics that arise following a … change in monetary policy. Transitional dynamics are shown to increase the welfare cost of inflation substantially. Also …

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 … is the only asset, then inflation hurts mostly the wealthier and more productive agents, while those poorer and less …

interest rates and low inflation, and when ensuing prolonged and subdued growth undermines potential growth via labour … of economic slack and its impact on inflation, crisis-related hit to potential output and neutral interest rates. However …

-ante perspective, disaster risk behaves as a negative demand shock and lowers the natural rate and inflation, even if disasters hit … temporarily higher natural rate and inflation if supply-side effects prevail. If agents' risk aversion increases temporarily …, disasters may generate larger demand effects and lead to a lower natural rate and inflation. If supply-side effects dominate …

, to maximize welfare the central bank should react more strongly to inflation pressure generated by the more competitive …