Aggregate-Surplus Maximizing Monetary Policy -- by David Baqaee, Ariel Burstein, Joao Guerreiro

We thank Enrique Martínez García for an excellent discussion. We also thank Fernando Alvarez, Andy Atkeson, Marco Bassetto, Laura Castillo Martinez, Kyle Herkenhoff, Erik Hurst, Greg Kaplan, Alisdair McKay, Juan Pablo Nicolini, Pablo Ottonello, Christina Patterson, Elisa Rubbo, Pedro Teles, as well as participants at several seminars and conferences for useful comments. This paper was previously circulated under the title “Monetary Policy without Redistributive Concerns”. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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