Aggregate Implications of Wealth Redistribution: The Case of Inflation
AbstractThis 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 InfoArticle provided by MIT Press in its journal Journal of the European Economic Association.
Volume (Year): 4 (2006)
Issue (Month): 2-3 (04-05)
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Web page: http://www.mitpressjournals.org/jeea
Other versions of this item:
- Matthias Doepke & Martin Schneider, 2006. "Aggregate Implications of Wealth Redistribution: The Case of Inflation," UCLA Economics Working Papers 846, UCLA Department of Economics.
- Doepke, Matthias & Schneider, Martin, 2006. "Aggregate Implications of Wealth Redistribution: The Case of Inflation," CEPR Discussion Papers 5552, C.E.P.R. Discussion Papers.
- D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
- D58 - Microeconomics - - General Equilibrium and Disequilibrium - - - Computable and Other Applied General Equilibrium Models
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
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- Yann Algan & Edouard Challe & Xavier Ragot, 2008.
"Incomplete markets and the output-inflation tradeoff,"
PSE Working Papers
- Yann Algan & Edouard Challe & Xavier Ragot, 2011. "Incomplete markets and the output–inflation tradeoff," Economic Theory, Springer, vol. 46(1), pages 55-84, January.
- Xavier Ragot & Olivier Allais & Edouard Challe & Yann Algan, 2008. "Incomplete Markets and the Output-inflation Tradeoff," Sciences Po publications 2006 - 45, Sciences Po.
- Nils Gornemann & Keith Kuester & Makoto Nakajima, 2012.
"Monetary policy with heterogeneous agents,"
12-21, Federal Reserve Bank of Philadelphia.
- 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.
- Ragot, Xavier & Challe, Edouard & Algan, Yann, . "Incomplete Markets and the Output-Inflation Tradeoff," Open Access publications from UniversitÃ© Paris-Dauphine urn:hdl:123456789/4076, Université Paris-Dauphine.
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