Annual Review of Economics · 2021 · [{"name": "Xavier Jaravel", "affiliation": ["London School of Economics and Political Science"]}]
中文摘要
通货膨胀是否随收入分布而变化？本文回顾了关于通货膨胀不平等这一日益增长的文献，介绍了四个领域的最新进展与进一步研究的机会。第一，新的价格指数理论促进了通货膨胀不平等研究。第二，新数据显示，在美国，通货膨胀率随家庭收入上升而下降。由于存在加总偏误，准确测量需要细粒度的价格和支出数据。第三，新证据量化了创新和贸易对通货膨胀不平等的影响。与普遍看法相反，经验估计表明，创新的方向是美国通货膨胀不平等的重要驱动因素，而贸易在收入分布上的价格效应相似。第四，通货膨胀不平等与非位似性具有重要的政策含义。它们改变了成本收益分析、最优税收、稳定政策的有效性，以及我们对长期宏观经济趋势的理解——这些趋势包括结构性变化、劳动份额与利率的下降，以及劳动力市场极化。
Abstract
Does inflation vary across the income distribution? This article reviews the growing literature on inflation inequality, describing recent advances and opportunities for further research in four areas. First, new price index theory facilitates the study of inflation inequality. Second, new data show that inflation rates decline with household income in the United States. Accurate measurement requires granular price and expenditure data because of aggregation bias. Third, new evidence quantifies the impacts of innovation and trade on inflation inequality. Contrary to common wisdom, empirical estimates show that the direction of innovation is a significant driver of inflation inequality in the United States, whereas trade has similar price effects across the income distribution. Fourth, inflation inequality and non-homotheticities have important policy implications. They transform cost-benefit analysis, optimal taxation, the effectiveness of stabilization policies, and our understanding of secular macroeconomic trends—including structural change, the decline in the labor share and interest rates, and labor market polarization.