Aggregate Implications of Wealth Redistribution: The Case of Inflation
研究国内零和财富再分配如何产生持续的总体效应，以未预期的通货膨胀为例，分析资源从老年向年轻家庭转移时，赢家和输家因年龄和劳动力状态差异导致的不对称反应。
This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects. Motivated by the case of an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to young households. Aggregate effects arise because there are asymmetries in the reaction of winners and losers to changes in wealth. We focus on two sources of asymmetries: Differences in the average age of winners and losers, and differences in their labor force status.