HETEROGENEITY AND REDISTRIBUTION: BY MONETARY OR FISCAL MEANS?*
在异质性代理人模型中比较货币与财政政策在群体间转移收入的效率，发现零利率下限常阻碍货币再分配，而政府无扭曲征税和差别化分配税收的能力则影响财政再分配的偏好。
In models with heterogeneous agents, issues of distribution and redistribution jump to the fore, raising the question: Which policies—monetary or fiscal—work most effectively in transferring income between groups? From Townsend's turnpike model, two basic results emerge to help answer this question. First, the zero lower bound on nominal interest rates often appears as an obstacle to redistribution by monetary means. Second, assumptions about the government's ability to raise tax revenue without distortion and to discriminate between agents in distributing that tax revenue play a large role in determining whether agents prefer to redistribute income by fiscal means instead.