Should-Read: Nick Bunker: Monetary policy via income redistribution: "Combining these three redistribution channels... http://equitablegrowth.org/equitablog/value-added/monetary-policy-via-income-redistribution/
...Auclert finds that shifting incomes among households and individuals may be about as important to boosting total consumption as the well-known substitution effect. If that’s true, then it certainly would put a new spin on how researchers and policymakers think about what factors, including inequality, are going to make monetary policy more effective. Auclert says that his work is “very much a first pass.” Given the potential implications of this research, other passes as this line of research would be welcome...
