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Aggregate Implications of Wealth Redistribution: The Case of Inflation

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  • Doepke, Matthias
  • Schneider, Martin

Abstract

This paper shows that a zero-sum redistribution of wealth within a country can have persistent aggregate effects. Motivated by the case of 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 labour force status.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 5552.

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Date of creation: Mar 2006
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Handle: RePEc:cpr:ceprdp:5552

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Keywords: aggregate effects; inflation; redistribution;

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Cited by:
  1. 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.
  2. Nils Gornemann & Keith Kuester & Makoto Nakajima, 2012. "Monetary policy with heterogeneous agents," Working Papers 12-21, Federal Reserve Bank of Philadelphia.
  3. Doepke, Matthias & Schneider, Martin, 2013. "Money as a Unit of Account," CEPR Discussion Papers 9700, C.E.P.R. Discussion Papers.
  4. Seghezza, Elena & Morelli, Pierluigi, 2014. "Conflict inflation and delayed stabilization," Journal of Macroeconomics, Elsevier, vol. 39(PA), pages 171-184.
  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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