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dc.contributor.authorChiu, Jonathanen
dc.contributor.authorMolico, Miguelen
dc.date.accessioned2011-12-15T12:56:27Z-
dc.date.available2011-12-15T12:56:27Z-
dc.date.issued2008-
dc.identifier.pidoi:10.34989/swp-2008-13en
dc.identifier.urihttp://hdl.handle.net/10419/53830-
dc.description.abstractThis paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a micro-founded search-theoretical monetary model. We calibrate the model to match the empirical aggregate money demand and the distribution of money holdings across households, and study the effects of inflation under the implied degree of market incompleteness. We show that in the presence of imperfect insurance the estimated long-run welfare costs of inflation are on average 40% smaller compared to a complete markets, representative agent economy, and that inflation induces important redistributive effects across households. For example, the welfare gains of reducing inflation from 10% to 0% is 0.59% of income. Furthermore, we estimate that the long-run welfare gains of reducing the typical current inflation target of 2 to 1 percent to be 0.06% of income.en
dc.language.isoengen
dc.publisher|aBank of Canada |cOttawaen
dc.relation.ispartofseries|aBank of Canada Working Paper |x2008-13en
dc.subject.jelE40en
dc.subject.jelE50en
dc.subject.ddc330en
dc.subject.keywordInflation: costs and benefitsen
dc.subject.keywordMonetary policy frameworken
dc.subject.stwInflationen
dc.subject.stwVerteilungswirkungen
dc.subject.stwSoziale Kostenen
dc.subject.stwGesamtwirtschaftliche Liquiditäten
dc.subject.stwVersicherungen
dc.subject.stwUnvollkommener Markten
dc.subject.stwRisikoen
dc.subject.stwGeldtheorieen
dc.subject.stwSuchtheorieen
dc.subject.stwGeldnachfrageen
dc.subject.stwTheorieen
dc.titleUncertainty, inflation, and welfare-
dc.typeWorking Paperen
dc.identifier.ppn56842011Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:bca:bocawp:08-13en

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