Monetary Policy and the Distribution of Wealth in a OLG Economy with Heterogeneous Agents, Money and Bequests
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.
|Date of creation:||Oct 2002|
|Date of revision:||Oct 2002|
|Contact details of provider:|| Postal: |
Phone: +39 02 6448 3089
Fax: +39 02 6448 3085
Web page: http://dipeco.economia.unimib.it
More information through EDIRC
References listed on IDEAS
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.:
- Owen, Ann L. & Weil, David N., 1998.
"Intergenerational earnings mobility, inequality and growth,"
Journal of Monetary Economics,
Elsevier, vol. 41(1), pages 71-104, February.
- Ann L. Owen & David N. Weil, 1997. "Intergenerational Earnings Mobility, Inequality, and Growth," NBER Working Papers 6070, National Bureau of Economic Research, Inc.
- Loury, Glenn C, 1981. "Intergenerational Transfers and the Distribution of Earnings," Econometrica, Econometric Society, vol. 49(4), pages 843-67, June.
- Roland Benabou, 1996.
NBER Working Papers
5583, National Bureau of Economic Research, Inc.
- Roland Bénabou, 1996.
"Inequality and Growth,"
in: NBER Macroeconomics Annual 1996, Volume 11, pages 11-92
National Bureau of Economic Research, Inc.
- Benabou, R., 1996. "Inequality and Growth," Working Papers 96-22, C.V. Starr Center for Applied Economics, New York University.
- Roland Benabou, 1996. "Inequality and Growth," NBER Working Papers 5658, National Bureau of Economic Research, Inc.
- Bénabou, Roland, 1996. "Inequality and Growth," CEPR Discussion Papers 1450, C.E.P.R. Discussion Papers.
- Bhattacharya, Joydeep, 1998.
"Credit Market Imperfections, Income Distribution, and Capital Accumulation,"
Staff General Research Papers
5105, Iowa State University, Department of Economics.
- Joydeep Bhattacharya, 1997. "Credit market imperfections, income distribution, and capital accumulation," Economic Theory, Springer, vol. 11(1), pages 171-200.
- Abhijit V. Banerjee & Andrew F. Newman, 1990.
"Occupational Choice and the Process of Development,"
911, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- 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.
- Galor, O. & Tsiddon, D., 1996.
"The Distribution of Human Capital and Economic Growth,"
18-96, Tel Aviv - the Sackler Institute of Economic Studies.
- 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.
- Aghion, Philippe & Garcia-Peñalosa, Cecilia & Caroli, Eve, 1998. "Inequality and economic growth," Economics Papers from University Paris Dauphine 123456789/10096, Paris Dauphine University.
- Bertola, G., 1998.
"Marcroeconomics of Distribution and Growth,"
Economics Working Papers
eco98/39, European University Institute.
- Piketty, Thomas, 1997. "The Dynamics of the Wealth Distribution and the Interest Rate with Credit Rationing," Review of Economic Studies, Wiley Blackwell, vol. 64(2), pages 173-89, April.
- Galor, Oded & Zeira, Joseph, 1993.
"Income Distribution and Macroeconomics,"
Review of Economic Studies,
Wiley Blackwell, vol. 60(1), pages 35-52, January.
- Bennett T. McCallum, 1982.
"The Role of Overlapping-Generations Models in Monetary Economics,"
NBER Working Papers
0989, National Bureau of Economic Research, Inc.
- McCallum, Bennett T., 1983. "The role of overlapping-generations models in monetary economics," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 18(1), pages 9-44, January.
- 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.
When requesting a correction, please mention this item's handle: RePEc:mib:wpaper:60. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roberto Reale)
If references are entirely missing, you can add them using this form.