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题目：Understanding the Distributional Impact of Long-Run Inflation

主讲人：Camera, Gabriele Professor, Purdue University

Abstract

The impact of fully-anticipated inflation is studied in heterogeneous-agent economies with endogenous labor supply and portfolio choices. In stationary equilibrium, inflation nonlinearly alters the endogenous distributions of income, wealth and consumption. Small departures from zero inflation have the strongest impact. We identify three features that determine the impact of inflation on distributions and welfare: financial structure, shock persistence and labor supply elasticity. When agents can only self-insure with money, inflation reduces wealth inequality but may raise consumption inequality. Otherwise, inflation reduces consumption inequality but may raise wealth inequality. Given persistent shocks and an inelastic labor supply, inflation may raise average welfare.