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.
Delli Gatti, D., Longaretti, R. (2004). Monetary policy and the distribution of wealth in a OLG economy with heterogeneous agents, money and bequests. In M. Gallegati, A.M. Kirman (a cura di), The Complex Dynamics of Economic Interaction. Berlin : Springer.
Monetary policy and the distribution of wealth in a OLG economy with heterogeneous agents, money and bequests
LONGARETTI, RICCARDA ARIANNA
2004
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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