We show that the effectiveness of redistribution policy in stimulating the economy and improving welfare is directly … regime counteract the deflationary forces during the recession. Moreover, redistribution produces a Pareto improvement under …

This paper examines how financial constraints affect redistribution via monetary policy. We explore a novel mechanism …

We show that the effectiveness of redistribution policy is tied to how much inflation it generates, and thereby to … effects of the CARES Act in a COVID recession. We find that transfer multipliers are larger, and that moreover, redistribution …

; fiscal policy ; redistribution ; Friedman rule ; heterogeneity ; overlapping generations ; second best …