Inflation and the Redistribution of Nominal Wealth
量化评估了通货膨胀通过改变名义资产价值对美国家庭和部门的财富再分配效应，发现老年富裕家庭是主要受损者，年轻中产家庭和外国人是主要受益者。
This study quantitatively assesses the effects of inflation through changes in the value of nominal assets. It documents nominal asset positions in the United States across sectors and groups of households and estimates the wealth redistribution caused by a moderate inflation episode. The main losers from inflation are rich, old households, the major bondholders in the economy. The main winners are young, middle-class households with fixed-rate mortgage debt. Besides transferring resources from the old to the young, inflation is a boon for the government and a tax on foreigners. Lately, the amount of U.S. nominal assets held by foreigners has grown dramatically, increasing the potential for a large inflation-induced wealth transfer from foreigners to domestic households.