Welfare effects of unanticipated policy changes with complete asset markets
This paper analyzes the welfare effects of unanticipated policy changes in a model with complete asset markets and heterogeneous agents. There are two effects: an effect of the change in wealth and a direct effect from the price change.
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- Young, Eric R., 2004.
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- 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.
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