Uncertainty, Inflation, and Welfare
在一个微观基础搜索理论货币模型中，研究了存在异质性流动性风险时通货膨胀的福利成本和再分配效应，发现不完全保险下长期福利成本比完全市场低40%至55%，且通胀有显著再分配效应。
This paper studies the welfare costs and the redistributive effects of inflation in the presence of idiosyncratic liquidity risk, in a microfounded 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% to 55% smaller compared to a complete markets, representative agent economy, and that inflation induces important redistributive effects across households.