. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to …

, 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 … sector: relatively young middle class HHs are net winners of inflation, while older and richer HHs are losers. As a result …

This paper provides a quantitative assessment of the effects of inflation through changes in the value of nominal … redistribution brought about by a moderate inflation episode. Redistribution takes the form of 'ends-against-the-middle': the middle … class gains at the cost of the rich and poor. In addition, inflation favours the young over the old, and hurts foreigners. A …

Episodes of unanticipated inflation reduce the real value of nominal claims and thus redistribute wealth from lenders … to borrowers. In this study, we consider redistribution as a channel for aggregate and welfare effects of inflation. We … model an inflation episode as an unanticipated shock to the wealth distribution in a quantitative overlapping …

environment with other frictions that have been used to justify a policy of strict inflation targeting. …

We study a model with repeated moral hazard where financial contracts are not fully indexed to inflation because … indexed to inflation and, as a result, their investment is more sensitive to nominal price shocks. We also find that the … inflation uncertainty are less vulnerable to a price shock of a given magnitude. The micro predictions of the model are tested …

the Great Inflation and the Great Moderation. …