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stylized facts connecting inflation to consumption inequality, to price dispersion, and to the speed of monetary payments. With …-margin) force that works in opposite direction to well-known redistributive (intensive-margin) effect of inflation. This implies a … new trade-off in response to long run inflation targets. Welfare falls but liquid-wealth inequality falls and then rises …
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stylized facts connecting inflation to consumption inequality, to price dispersion, and to the speed of monetary payments. With …-margin) force that works in opposite direction to well-known redistributive (intensive-margin) effect of inflation. This implies a … new trade-off in response to long-run inflation targets. Welfare falls but liquid-wealth inequality falls and then rises …
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