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Aggregate Implications of Wealth Redistribution: The Case of Inflation

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  • Matthias Doepke

    (UCLA)

  • Martin Schneider

    (NYU and Federal Reserve Bank of Minneapolis)

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

Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 846.

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Date of creation: 01 Feb 2006
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Handle: RePEc:cla:uclawp:846

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Web page: http://www.econ.ucla.edu/

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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. Doepke, Matthias & Schneider, Martin, 2013. "Money as a Unit of Account," CEPR Discussion Papers 9700, C.E.P.R. Discussion Papers.
  3. Challe, Edouard & Algan, Yann & Ragot, Xavier, 2011. "Incomplete Markets and the Output-Inflation Tradeoff," Economics Papers from University Paris Dauphine 123456789/4077, Paris Dauphine University.
  4. Makoto Nakajima, 2013. "Monetary Policy with Heterogeneous Agents," 2013 Meeting Papers 356, Society for Economic Dynamics.
  5. repec:spo:wpecon:info:hdl:2441/8881 is not listed on IDEAS
  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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