inequality and welfare. We find that consumption inequality results from differences in agents' decision to access financial … third of observed consumption inequality. Finally, we analyze various policies aimed at increasing financial inclusion and … find that a direct transfer to bank account holders yields the highest welfare and lowest consumption inequality. …

of financial inclusion on welfare and inequality. We find that significant consumption inequality can result from limited … simple model is able to account for approximately a third of the observed consumption inequality. We analyze various policies … decrease in welfare and an increase in consumption inequality. Moreover, we find that a direct benefit transfer to bank account …

Inequality is increasingly a concern. Fiscal and structural policies are well-understood mitigators. However, less is … known about the potential role of monetary policy. This paper investigates how inequality matters for monetary policy within … a tractable Two-Agent New Keynesian model that captures important dimensions of inequality. We find some support for …