Inflation behaves differently across income levels – BIS paper


Inflation responds to monetary policy to varying extents in different segments of the income distribution, research published by the Bank for International Settlements finds.

Miguel Ampudia, Michael Ehrmann and Georg Strasser note their result echoes recent findings in the “rapidly growing literature” on heterogeneous agents. They go beyond previous studies by exploring the channels that are behind the result.

In their working paper, they assess the impact of different consumption baskets and

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