Inflation and the redistribution of nominal wealth
成果类型：
Article
署名作者：
Doepke, Matthias; Schneider, Martin
署名单位：
National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
刊物名称：
JOURNAL OF POLITICAL ECONOMY
ISSN/ISSBN：
0022-3808
DOI：
10.1086/508379
发表日期：
2006
页码：
1069-1097
关键词：
摘要：
This study quantitatively assesses the effects of inflation through changes in the value of nominal assets. It documents nominal asset positions in the United States across sectors and groups of households and estimates the wealth redistribution caused by a moderate inflation episode. The main losers from inflation are rich, old households, the major bondholders in the economy. The main winners are young, middle-class households with fixed-rate mortgage debt. Besides transferring resources from the old to the young, inflation is a boon for the government and a tax on foreigners. Lately, the amount of U. S. nominal assets held by foreigners has grown dramatically, increasing the potential for a large inflation-induced wealth transfer from foreigners to domestic households.
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