In this paper we develop an OLG model with heterogeneous agents, money and bequests, introducing occupational choice and financing constraints when capital markets are imperfect. We show how, under appropriate conditions, all the moments of the distribution are affected by changes in money...

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...