반복영역 건너뛰기
지역메뉴 바로가기
주메뉴 바로가기
본문 바로가기

연구정보

[경제] Who Bears the Costs of Inflation? Euro Area Households and the 2021–2022 Shock

중동부유럽 일반 국외연구자료 연구보고서 - CEPR 발간일 : 2023-11-15 등록일 : 2023-11-26 원문링크

We measure the heterogeneous welfare effects of the recent inflation surge across households in the Euro Area. A simple framework illustrating the numerous channels of the transmission mechanism of surprise inflation to household welfare guides our empirical exercise. By combining micro data and aggregate time series, we conclude that: (i) country-level average welfare costs –expressed as a share of 2021–22 income– were larger than a typical recession, and heterogeneous, e.g., 3% in France and 8% in Italy; (ii) this inflation episode resembles an age-dependent tax, with the elderly losing up to 20%, and roughly half of the 25–44 year-old winning; (iii) losses were quite uniform across consumption quantiles because rigid rents served as a hedge for the poor; (iv) nominal net positions are the key driver of heterogeneity across-households; (v) the rise in energy prices generated vast variation in individual-level inflation rates, but unconventional fiscal policies were critical in shielding the most vulnerable households.

본 페이지에 등재된 자료는 운영기관(KIEP)EMERiCs의 공식적인 입장을 대변하고 있지 않습니다.

게시글 이동
이전글 [경제] Energy Support for Firms in Europe: Best Practice Considerations and Recent... 2023-09-24
다음글 다음글이 존재하지 않습니다.

목록