Wealth Distribution, Inflation Tax, and Societal Benefits of Illiquid Bonds
分析低流动性政府债券对福利的双重影响：一方面通过折价购买缩小财富差距，另一方面因通胀税增加导致产出下降，并探讨了最优折价率与流动性。
Illiquid nominal government bonds are shown to have two opposing effects on welfare. First, the relatively poor choose to top‐up money balances for future consumption by purchasing nominal bonds at a discount. The wealth distribution becomes more centered with a smaller consumption deviation from the first best. Second, the higher inflation tax on monetary wealth to finance interest payments makes money less valuable, so that the quantity of output produced in exchange for money decreases. The trade‐off between the welfare‐enhancing effect on wealth distribution and the distortionary effect on output implies the socially optimal discount rate and liquidity.