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

Riccarda Longaretti () and Domenico Delli Gatti ()
Additional contact information
Riccarda Longaretti: Department of Economics, University of Milan-Bicocca

No 60, Working Papers from University of Milano-Bicocca, Department of Economics

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.

Date: 2002-10, Revised 2002-10
View list of references View citations in EconPapers

Downloads: (external link)
http://dipeco.economia.unimib.it/repec/pdf/mibwpaper60.pdf First version, 2002 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: http://EconPapers.repec.org/RePEc:mib:wpaper:60

Access Statistics for this paper

More papers in Working Papers from University of Milano-Bicocca, Department of Economics
Contact information at EDIRC.
Series data maintained by Roberto Reale ().