Stefania AlbanesiAlbanesi, Stefania, 2007. Redistribution and optimal monetary policy: results and open questions. Rivista Di Politica Economica, 3-47.Albanesi, S., 2007. Redistribution and optimal monetary policy: results and open questions. Rivista di Politica Economica 97, 3-47....
Optimal Fiscal-Monetary Policy with Redistribution We study business cycles in a heterogeneous agent model with incomplete markets and sticky nominal prices (a modified HANK model (Kaplan et al. (2016))). Optimal fiscal-monetary policy balances gains from "fiscal hedging" against benefit... T Sarg...
Optimal Monetary Policy in a Liquidity Trap with Heterogeneous Agents This paper derives the optimal money injection at the Zero Lower Bound (ZLB), in a tractable model where households hold heterogeneous money holdings due to explicit financial frictions, such as limited participation or temporary bin...
Waller, 2012, "Demographics, Redistribution, and Optimal Inflation", Presented at the 2012 BOJ-IMES Conference Demographic Changes and Macroeconomic Performance, Federal Reserve Bank of St. Louis.Bullard, J, C Garriga and C Walker (2012): "Demographics, redistribution, and optimal inflation", ...
Aggregate and welfare effects of redistribution of wealth under inflation and price-level targeting An unanticipated rise in the price level redistributes wealth from lenders to borrowers. Its size depends on the monetary policy regime, as inflation targe... CA Meh,Ríos-Rull, José-Víctor,Y Teraj...
redistributiontime consistencyThis Paper studies the structure and time consistency of optimal monetary policy from a public finance perspective in an economy where agents differ in transaction patterns and asset holdings. I find that heterogeneity breaks the link between lack of government commitment and...
This paper studies the implications of a broader view of uncertainty for social insurance and redistribution in otherwise conventional macro public finance environments, with heterogeneous agents and with private idiosyncratic shocks. We show that uncertainty manifests as endogenous lack of commitment on th...
Beginning in the late nineteenth century, New Zealand started on a path of social legislation that ultimately led to a substantial welfare-state. By the late 1920s, taxes were about ten percent of GDP. The 1930s witnessed more than a 50 percent increase in the average level of taxation. Wo...
There are no monetary transfers, but the principal may check any agent’s value at a cost. In this setting, we propose a direct mechanism, called the n-ascending mechanism, which balances the benefit of efficient allocation and the cost of checking agents. While such a mechanism itself is ...
able to screen agents by having them to exert a costly effort, pure market mechanisms would remain optimal in many cases of interest (e.g., if the objective of the designer was positively correlated with willingness to pay but negatively correlated with willingness to exert the non-monetary ...