| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10785 |
| DP10785 The Transmission of Monetary Policy through Redistributions and Durable Purchases | |
| Silvana Tenreyro; Vincent Sterk | |
| 发表日期 | 2015-08-23 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | The central explanation for how monetary policy transmits to the real economy relies critically on nominal rigidities, which form the basis of the New Keynesian (NK) framework. This paper studies a different transmission mechanism that operates even in the absence of nominal rigidities. We show that in an OLG setting, standard open market operations (OMO) carried by central banks have important revaluation effects that alter the level and distribution of wealth and the incentives to work and save for retirement. Specifically, expansionary OMO lead households to front-load their purchases of durable goods and work and save more, thus generating a temporary boom in durables, followed by a bust. The mechanism can account for the empirical responses of key macroeconomic variables to monetary policy interventions. Moreover, the model implies that different monetary interventions (e.g., OMO versus helicopter drops) can have different qualitative effects on activity. The mechanism can thus complement the NK paradigm. We study an extension of the model incorporating labor market frictions. |
| 主题 | Monetary Economics and Fluctuations |
| 关键词 | Durable goods monetary policy Open market operations Redistributive effects of monetary policy Transmission mechanism |
| URL | https://cepr.org/publications/dp10785 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539616 |
| 推荐引用方式 GB/T 7714 | Silvana Tenreyro,Vincent Sterk. DP10785 The Transmission of Monetary Policy through Redistributions and Durable Purchases. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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