Doepke and Schneider (2006)

Matthias Doepke & Martin Schneider, 2006. "Inflation and the Redistribution of Nominal Wealth," Journal of Political Economy, University of Chicago Press, vol. 114(6), pages 1069-1097, December.

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.

http://unrepresentativeagent.blogspot.com/2010/01/inflation-and-redistribution.html
Doepke and Schneider(JPE2006)は、一言で言うと、予想されなかったインフレによって得する人と損する人をデータから整理して、突然インフレ率がこの先10年5％上がった際、得する人と損する人が実際どのくらい得あるいは損するのか計算してみた論文である。インフレが異なる主体にどのように異なる影響を与えるか、というのは、閉鎖経済でのrepresentative agentとして国をモデル化する場合完全に無視されている要素であるが、その危険性を指摘した論文とも言えよう。

http://lagakos.faculty.asu.edu/~lagakos/teaching/ds_2006_5.pdf
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