Very happy to see this paper out in the JME!
The Long-Run Redistributive Effects of Monetary Policy
You can check it out here 👉 https://t.co/srSg2dxHGw
Short thread 🧶 about the paper below.
1/5
Lower levels of trend inflation are welfare-improving. Wealth is distributed more evenly as nominal assets lose their value less rapidly. Thus, the welfare cost of inflation rises alongside the dispersion in agents’ wealth.
5/5