> My prediction is no, because productivity gains must benefit the lower classes to see a multiplier in the economy.

> It decreases savings rate and encourages spending among the class of people whose money imparts the highest multiplier.

Huh, what? What kind of multiplier stuff are you talking about here?

The central bank looks at the overall spending in the economy (well, including forecasts), and compares that with its targets. They adjust their policy stance accordingly to try and hit their targets.

If people become more or less likely to spend their money ('multipliers') the central bank can and will adjust the amount of money available.