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Monetary Policy and the Distribution of Wealth in a OLG Economy with Heterogeneous Agents, Money and Bequests

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Author Info
Riccarda Longaretti () (Department of Economics, University of Milan-Bicocca)
Domenico Delli Gatti () (ITEMQ, Catholic University of Milan)

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Abstract

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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File URL: http://dipeco.economia.unimib.it/repec/pdf/mibwpaper60.pdf
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Publisher Info
Paper provided by University of Milano-Bicocca, Department of Economics in its series Working Papers with number 60.

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Length: 25 pages
Date of creation: Oct 2002
Date of revision: Oct 2002
Handle: RePEc:mib:wpaper:60

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Blackwell Publishing, vol. 60(1), pages 35-52, January. [Downloadable!] (restricted)
  2. Galor, Oded & Tsiddon, Daniel, 1997. " The Distribution of Human Capital and Economic Growth," Journal of Economic Growth, Springer, vol. 2(1), pages 93-124, March. [Downloadable!] (restricted)
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  3. Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June. [Downloadable!] (restricted)
  4. Bhattacharya, Joydeep, 2002. "Credit Market Imperfections, Income Distribution, and Capital Accumulation," Staff General Research Papers 5105, Iowa State University, Department of Economics.
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  5. Banerjee, Abhijit V & Newman, Andrew F, 1993. "Occupational Choice and the Process of Development," Journal of Political Economy, University of Chicago Press, vol. 101(2), pages 274-98, April. [Downloadable!] (restricted)
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  6. Grossman, Herschel I., 1995. "Robin hood and the redistribution of property income," European Journal of Political Economy, Elsevier, vol. 11(3), pages 399-410, September. [Downloadable!] (restricted)
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  1. Riccarda Longaretti & Domenico Delli Gatti, 2006. "The Non-Superneutrality of Money and its Distributional Effects when Agents are Heterogeneous and Capital Markets are Imperfect," Working Papers 95, University of Milano-Bicocca, Department of Economics, revised May 2006. [Downloadable!]
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