| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP11068 |
| DP11068 Monetary Policy According to HANK | |
| Giovanni L. Violante; Greg Kaplan; Benjamin Moll | |
| 发表日期 | 2016-01-24 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | We revisit the transmission mechanism of monetary policy for household consumption in a Heterogeneous Agent New Keynesian (HANK) model. The model yields empirically realistic distributions of household wealth and marginal propensities to consume because of two key features: multiple assets with different degrees of liquidity and an idiosyncratic income process with leptokurtic income changes. In this environment, the indirect effects of an unexpected cut in interest rates, which operate through a general equilibrium increase in labor demand, far outweigh direct effects such as intertemporal substitution. This finding is in stark contrast to small- and medium-scale Representative Agent New Keynesian (RANK) economies, where intertemporal substitution drives virtually all of the transmission from interest rates to consumption. |
| 主题 | International Macroeconomics and Finance ; Monetary Economics and Fluctuations |
| 关键词 | monetary policy Heterogeneous agents New keynesian Consumption Liquidity Inequality Earnings kurtosis |
| URL | https://cepr.org/publications/dp11068 |
| 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/539897 |
| 推荐引用方式 GB/T 7714 | Giovanni L. Violante,Greg Kaplan,Benjamin Moll. DP11068 Monetary Policy According to HANK. 2016. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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