The money-consumption ratio increases with age and decreases with consumption, and the recent era of low interest rates has seen a large increase in the aggregate money-consumption ratio. We estimate an overlapping generations model with money for transaction purposes for the age effects and the extent of financial innovation using aggregate and household-level money holdings. We then assess the welfare cost of a 3 percentage point increase in inflation, incorporating the cost from the redistribution of non-money nominal wealth. We find that the welfare costs are 13% of one-year consumption and are borne mostly by the poor and the old.

中文翻译：

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再谈通货膨胀的福利成本：金融创新和家庭异质性的作用

货币消费率随着年龄的增长而增加，而随着消费率的下降而降低，最近的低利率时代已经使总货币消费率有了大幅度的增长。我们估计了用于交易目的的货币重叠世代模型，以考虑年龄影响以及使用总计和家庭一级的货币持有量进行金融创新的程度。然后，我们将通货膨胀率提高3个百分点的福利成本进行了评估，其中包括了非货币名义财富的重新分配所产生的成本。我们发现，福利费用占一年消费的13％，主要由穷人和老年人承担。