Understanding the Distributional Impact of Long-Run Inflationl
2011/05/27
研討會日期 : 2011-05-27
時間 : 14:30
主講人 : Professor YiLi Chien
地點 : Conference Room B110
演講者簡介 : YiLi Chien got his Ph.D. in Economics from University of California, Los Angeles in 2006. He is currently serving as Assistant Professor of Department of Economics at Purdue University. His research field is in macroeconomics, household finance, asset pricing, asymmetric information, and dynamics contracting.
演講摘要 : The impact of fully-anticipated inflation is studied in heterogeneous-agent economies with endogenous labor supply and portfolio choices, lump-sum money injections. In stationary equilibrium, inflation nonlinearly alters the endogenous distributions of income, savings and consumption; small departures from zero inflation have the strongest impact. Three features determine how expansionary monetary policy impacts distributions and average welfare: financial structure, shock persistence and labor supply elasticity. When agents must self-insure with money, wealth concentration falls with inflation but consumption inequality may increase, lowering welfare. When portfolios' liquidity is endogenous, wealth concentration may increase with inflation but consumption inequality falls, raising welfare when shocks are persistent.
