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Aggregate Implications of Wealth Redistribution: The Case of Inflation

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  • Matthias Doepke
  • Martin Schneider

Abstract

This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects. Motivated by the caseof an unanticipated inflation episode, we consider redistribution shocks that shift resources from old to young households. Aggregate effects arise because there are asymmetries in the reaction of winners and losers to changes in wealth. We focus on two sources of asymmetries: Differences in the average age of winners and losers, and differences in their labor force status. (JEL: D31, D58, E31, E50) (c) 2006 by the European Economic Association.

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Bibliographic Info

Article provided by MIT Press in its journal Journal of the European Economic Association.

Volume (Year): 4 (2006)
Issue (Month): 2-3 (04-05)
Pages: 493-502

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Handle: RePEc:tpr:jeurec:v:4:y:2006:i:2-3:p:493-502

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Cited by:
  1. Seghezza, Elena & Morelli, Pierluigi, 2014. "Conflict inflation and delayed stabilization," Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 171-184.
  2. Matthias Doepke & Martin Schneider, 2013. "Money as a Unit of Account," NBER Working Papers 19537, National Bureau of Economic Research, Inc.
  3. repec:spo:wpecon:info:hdl:2441/8881 is not listed on IDEAS
  4. Ragot, Xavier & Challe, Edouard & Algan, Yann, 2008. "Incomplete Markets and the Output-Inflation Tradeoff," Economics Papers from University Paris Dauphine 123456789/4076, Paris Dauphine University.
  5. Nils Gornemann & Keith Kuester & Makoto Nakajima, 2012. "Monetary policy with heterogeneous agents," Working Papers 12-21, Federal Reserve Bank of Philadelphia.
  6. Kryvtsov, Oleksiy & Shukayev, Malik & Ueberfeldt, Alexander, 2011. "Optimal monetary policy under incomplete markets and aggregate uncertainty: A long-run perspective," Journal of Economic Dynamics and Control, Elsevier, vol. 35(7), pages 1045-1060, July.

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