工作论文系列 ： 谁承担通货膨胀的成本 ？ 欧元区家庭和 2021 - 2022 年的冲击

The recent inflation surge in the Euro Area has had heterogeneous welfare effects on households, with country-level average welfare costs larger than a typical recession. The elderly have lost up to 20% of their income, while the 25-44 year-old have gained. Losses were uniform across consumption quantiles due to rigid rents, but nominal net positions were the key driver of heterogeneity. The rise in energy prices generated variation in individual-level inflation rates, but unconventional fiscal policies shielded vulnerable households. The study uses a simple framework to illustrate the transmission mechanism of surprise inflation to household welfare, combining micro data and aggregate time series. Keywords include inflation, redistribution, household heterogeneity, net nominal positions, labor income, consumption, housing, and fiscal support. JEL codes include D12, D14, D31, E21, E52, E58.