Bullard, James; Garriga, Carlos; Waller, Christopher J. - In: Review (2012) September, pp. 419-440
resources in the economy, and the optimal inflation rate in a deterministic life cycle economy with capital. Young cohorts …, relatively high wages, and relatively high rates of inflation. Older cohorts work less and prefer higher rates of return from … their savings, relatively low wages, and relatively low inflation. In the absence of intergenerational redistribution …