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1/n Some truth to this, but ignores much research that literally just dealt with that subject (transfers, redistribution, etc) in the last decade.
Much of the impetus for heterogeneous-agent new Keynesian models, with two agents or full heterogeneity, was precisely this, examples https://twitter.com/Noahpinion/status/1335462140908486657
Much of the impetus for heterogeneous-agent new Keynesian models, with two agents or full heterogeneity, was precisely this, examples https://twitter.com/Noahpinion/status/1335462140908486657
2/n My own paper with @monacelt and Roberto Perotti 2013 EJ (2011): the effects of transfers and public debt with two agents. @GautiEggertsson & Krugman's famous QJE also studied this in a liquidity trap. The cited papers by @Realprofneil and Giambattista and Pennings, also 2011
3/3 Those all use two-agent ("TANK") models. W/ rich heterogeneity, a pioneering "HANK" paper Oh and @R2Rsquared JME 2012 also deals with such issues. Much excellent recent work follows up on that.
Bottomline: yes, there has been (published) theory on this ... for a decade!
Bottomline: yes, there has been (published) theory on this ... for a decade!
PS: our Economic Journal paper with Tommaso and Roberto is here https://sites.google.com/site/florinbilbiie/BMP_EJ_JournalVersion.pdf?attredirects=0&d=1
PPS: we actually managed to have Robin Hood in the abstract, so ... 
