Adam, Klaus; Zhu, Junyi - C.E.P.R. Discussion Papers - 2014
We document the presence of sizable distributional effects from unexpected price level movements in the Euro Area (EA …, and Belgium and Malta being the largest losers. Governments are net winners of inflation, while the household (HH) sector …, while HHs in Finland and Spain turn out to be net winners of inflation. Considerable heterogeneity exists also within the HH …