We develop an OLG model in which the distribution of wealth makes monetary policy non-superneutral at the individual level. In other words monetary policy may have distributional consequences. We demonstrate that in a representative agent economy, monetary policy would be superneutral both at the individual and at the aggregate level. On the contrary if agents differ from one another as far as income and wealth are concerned, there exists a mean field effect that makes money non-superneutral at the individual level.
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Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number
60.
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